Report: Faster iPhone On The Way From Apple

, 06.22.11, 12:30 PM EDT

Company is said to be ready to unveil latest model in September.

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06/22/2011 1:51PM ET

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Apple is reportedly planning to unveil a faster new iPhone in September. Bloomberg is reporting that the newest generation of the device will include a more powerful A5 processor and an 8-megapixel camera compared to a 5-megapixel camera on the iPhone 4.

Bloomberg said Apple ( AAPL - news - people ) is also testing a new version of its iPad with a higher resolution screen. The report noted that a faster chip will allow for speedier data downloads to compete with smartphones, such as devices from Samsung, that run on Google ( GOOG - news - people )'s Android operating system.

According to data reported by Bloomberg, Apple is projected to have 18.2% of the global smartphone market this year, compared to 38.9% for Android-based devices.

Rival Research in Motion ( RIMM - news - people )'s struggle to compete was evident in its earnings report last week.

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