With the space for smartphones and tablets narrowing in on Apple Inc due to stiff competition from rival products like Samsung Galaxy Note (I, II, III) and Google Nexus (4,5, 7) the touted Cupertino, California tech firm is unveiling a restructured version of its iPhone and iPad by the end of the year.

There were no new launches as of last year, and the software maker will unveil a new and cheaper version of the iPhone later in the year.

As far as the iPad is concerned, apple Inc will launch a thinner iPad that offers more convenience and a high re iPad mini, Bloomberg reported sources close to the story.

Software for Macs and the new devices will also be announced.

Brian Marshall, ISI Group analyst in San Francisco said, "To drive growth you need to have that next iPhone and iPad refreshed." He added apple Inc is targeting a cheaper iPhone model for budget-conscious consumers, particularly those in China, India and other developing markets where the original iPhones are overpriced.

Subsequently, Chinese manufacturers took advantage of the targeted price by making iPhone iclones that look just like the real thing. Often, they have all the functionalities that go with Apple Inc's mobile devices. However, the call quality and clarity of these phones were off the mark and they were also suspected to emit higher levels of radiation.

Brand new products will be unveiled in 2014, said Apple's CEO Tim Cook. Mr. Cook replaces the iconic Steve Jobs, co-founder and CEO of Apple Inc. He singlehandedly turned the tech firm into the biggest grossing company in the U.S. after making his salary a dollar.

Jobs was an expert engineer and who also drew in exceptional talent from the industry. Apple Inc.'s products are known globally for their superior quality and price tag. The "must-have" products stood apart in excellence and mobile devices in particular were seamless extensions of user functions. Apple Inc has taken pride in this hallmark and the future will reveal if they can hold on to their "Rolls Royce" status in a computing device market that is getting more and more saturated (U.S. and Europe).