The countdown has started. In a few hours on Wednesday, Nokia Corporation (ADR)(NYSE:NOK) and Microsoft Corporation(NASDAQ:MSFT) will be set to unveil the Finnish company's most powerful smartphone in a bid to take a shot at toppling the dominance of Apple and Google in the segment.
Nokia is trying to take back its position as the world's largest maker of mobile devices, a position that it lost earlier this year to Samsung.
Microsoft on its part is a new entrant to the mobile phone market and is trying to gain a foothold in a sector where rival Apple is streets ahead of it.
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Nokia is set to a showcase a couple of new Lumia smartphones that will run on Microsoft's new Windows Phone 8 software.
The Lumia 920 and smaller Lumia 820 will run on the latest Windows Phone operating software, which Microsoft hopes will rival Apple's iOS and Google's Android to become a third mobile platform.
If the new phones do not appeal to consumers, it could spell the end for loss-making Nokia and deal a serious blow to Microsoft's attempts to regain its footing in the market.
Previous Lumia handsets released by Nokia have received a favourable response, though Microsoft’s Windows 7.5 software has not been able to gain much traction in the mobile industry.
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Yet another event on Wednesday that has not been hyped up much but is equally important for the players concerned is that of Google's Motorola Mobility that will also be releasing its latest smartphone later in the day.
A day later Amazon will unwrap its new generation Kindle Fire tablets and then on September 12, coms the most anticipated vent of the year - Apple's new iPhone 5.
Samsung Electronics has also said that it will sell its own Windows-based phone in early October.