UK Markets open in 2 hrs 14 mins

Samsung Galaxy S4 Smartphone Set For March

(c) Sky News 2013

The successor to Samsung's big-selling Galaxy S3 smartphone will be unveiled next month, the company has said.

US mobile networks are understood to have pushed hard for an American launch after last year's London debut of the S3.

The event will take place in New York, with Samsung tweeting: "March 14. Ready 4 the show? #UNPACKED", along with an image that reads: "Come and meet the next Galaxy (BSE: GALAGEX.BO - news) ".

The S3 has been a big success story for the South Korean firm, challenging the dominance of Apple (NasdaqGS: AAPL - news) 's iPhone and widely seen as the standard-bearer for Android phones.

Samsung overtook Apple as the world's top smartphone maker last year and its Galaxy range recently outsold the iPhone for a fourth straight quarter.

Apple still has a slightly larger market share in the US - 34% to Samsung's 32.3%, according to the most recent figures.

The new Samsung device is expected to feature a larger, higher-resolution display and an improved camera, as well as a faster processor.

News (NasdaqGS: NWS - news) of the launch comes as Barcelona's Mobile World Congress begins, with manufacturers showing off their latest technology in the hope of tempting consumers away from Apple and Samsung.

It is not all about high-end phones however; demand still exists for cheaper handsets.

Nokia (Stockholm: NOKI-SEK.ST - news) announced a 15 euro (£13) handset, the Nokia 105, aimed at emerging markets such as China and India.

The Finnish company also unveiled a smartphone, which uses Windows 8 operating system, that costs 139 euros (£122) called the Lumia 520

Its chief executive, Stephen Elop, said the launch of cheaper handsets would not devalue its high-end phones.

"What we've done is taken some of the great experiences available on our flagship products - we've done the hard engineering necessary to take elements of that and put it on lower priced devices." he told Sky News.

"You can't take everything from the top and move it onto those lower products, but you can certainly create a whole family of products that take you nicely through the capabilities."

Chinese company Huawei has already unveiled what it claims is the world's fastest smartphone. The Ascend P2 has download speeds up to 150 megabits per second.

HTC and Blackberry have also recently launched new flagship products - the HTC One debuted last week, while the Blackberry 10 was launched in January.

More From Sky News