Anticipation is already building around the launch of the next iPhone models this September — which many think will be the iPhone 7 and 7 Plus. These devices will not only have to take on and beat the Galaxy S6 and S6 Edge but also the upcoming Galaxy S7 which is due to debut next year sometime around March.

The iPhone 7 has been seen in a number of leaks from Apple suppliers in Asia while the Galaxy S7 has just recently been starting to pop up on the Internet. This has led many to speculate that Samsung might jump the gun and release the device this year instead of waiting for 2016.

Rumors about the Galaxy S7 point toward it coming with iris recognition capability, a technology which Samsung has been developing for their phones, as well as the ability to scan for viruses.

As for specs, indications suggest that the device will once again have a microSD slot capable of supporting up to 128 GB of external storage; but the big debate is whether Samsung will stick with its Exynos range of processors or go back to using the Snapdragon lineup.

With the Snapdragon 820 in the works, it appears that Samsung will opt to use it as it will come with eight Kyro cores clocked at 3 GHz. However, the company is also testing its latest Exynos chip using an alternate version of the device.

As for the iPhone 7, it is expected that the device will have the very latest A9 chipset along with an M9 co-processor. The A9 chipset as reported by PC Advisor, is expected to be created with a brand new 14-nanometer process which will make it a more powerful device than the previous models.

In addition, it has been rumored for months that Apple will equip the iPhone 7 with a 2GB LPDDR4 RAM, which will bring a major improvement in the device's multitasking abilities and speed. Other improvements in the iPhone 7 could come in the form of the Force Touch technology and a better 12 megapixel camera.