iPhone 5S, 5C and iOS 7 Announcements Expected Today At Apple's Press Event

Apple's much anticipated press event has finally arrived! And with the Cupertino-based company already promising to "brighten" everyone's day, their new hardware must be better than expected. Following months of speculation, Apple is finally set to announce its next installment of iPhone or maybe even multiple iPhones, specifically the iPhone 5S and the iPhone 5C. The world waits with bated breath as Apple's CEO, Tim Cook, is set to take center stage at Apple's Cupertino campus and unveil the new smartphones and the release date of their new operating system, iOS 7. Despite only seeing glimpses of iOS 7 through its beta versions, the operating system is set to be a serious and impressive upgrade. Cook will kick off the press event at 10 a.m. PT / 1 p.m. ET.

Despite months of leaked images, reports, rumors and speculation regarding Apple's latest batch of hardware, Cook and the Apple team will no doubt still have some surprises to show. However, we do have some idea of what Apple will be officially unveiling today, the iPhone 5S, a lower-cost iPhone 5C and iOS 7, the next version of the iPhone and iPad software.

Sporting a plastic case, the iPhone 5C will complement the existing iPhones, despite early rumors that the smartphone will be a "low end" product, it seems however to be a lower-cost alternative. Apple intends to have the iPhone 5C replace the iPhone 5, meaning that the next-gen smartphone will be far from "low end." According to BGR, the price of the iPhone 5C will fall between $400 and $500. Apple is likely to continue the selling of the iPhone 4S, while also delivering the iPhone 5S, iPhone 5C; alongside its existing smartphone. The iPhone 5C is likely to have the largest impact on the Chinese market, where Apple is attempting to control the prepaid market. According to Morgan Stanley analyst Katy Huberty, Apple's market share in China could jump by 19.3% if Apple chooses to release its iPhone 5C on China Mobile for $400 off-contract, which would consequently make Apple the No. 1 smartphone seller in China.

As for the much sought after iPhone 5S, it is rumored to sport a very similar design to that of the existing iPhone 5 but it will be getting some serious hardware upgrades. The iPhone 5S is rumored to be equipped with Apple's next generation A7 processor. According to Fox News' Clayton Morris, the iPhone 5S will be approximately 31 percent faster than iPhone 5, which is equipped with the current A6 chip. Another confirmed upgrade has changed the look of the phone's camera, the iPhone 5S is expected to be released with a 12-megapixel-camera sensor with a dual LED flash system to boost the device's capabilities in low-light situations. In addition, the latest leak of iPhone 5S photos shows that the smartphone may in fact ship without the ribbon attached LED flash that was featured in the iPhone predecessors. The biggest and probably most exciting rumored update is the elusive fingerprint sensor in the home button of the phone, but despite months of speculation and photo leaks this rumor has remained unconfirmed.

The iPhone 5S and 5C will go on sale at Apple Stores on Friday, Sept. 20. The iOS 7 software will likely be released around the same time and will be available for the iPhone 4, 4S and 5 via download. Other surprise announcements might come in regards to the reportedly newly redesigned Apple TV, additionally some reports claim Cook may even discuss Apple's next-generation tablets, the iPad 5 and the iPad Mini 2.

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