An analyst boldly said that the upcoming iPhone 5 will be the leading smartphone next year.

iPhone just turned five years old. In a span of five years, iPhone brought $150 billion to Apple making it the top and most profitable tech company.

JPMorgan Chase & Co. (NYSE:JPM) analyst Mark Moskowitz said that when iPhone 5made its debut this fall with the increase in production throughout the fourth quarter as well as offering support for 4G LTE and other upgrades, the iPhone 5 will make a big splash this year, ensuring its dominance into 2013.

"We think that a combination of revolutionary hardware enhancements and software-driven services (i.e., Passbook, Maps, FaceTime over cellular) stand to reaffirm the iPhone as the leading smartphone in 2013," Moskowitz wrote in the investors' note.

However, Moskowitz also said that the company may also face macroeconomic challenges around the second quarter. The analyst claimed that hardware companies like Apple may also face tough times next year. Apple lowered its projections on the third quarter. This is not unusual before the quarter when a new model will be released.

Mark Moskowitz anticipated that the iPhone is Apple's strongest product and it will boost its sales on the fourth quarter. He also said that the Cupertino-based company should rely more on iPhone if J.P. Morgan's lower sales expectations for iPad and Mac proved to be true.

"Overall, our expectation of stronger iPhone unit sales and the related mix benefits partially counters our lower growth assumptions for the iPad and Mac businesses," Moskowitz added.

A lot of rumors surround iPhone 5 possible features including larger screen display, smaller dock connector, 4G/LTE and NFC support. iPhone 5 is speculated to be released in September or October along with Apple's upgraded mobile software, iOS 6. Apple is mum about the details of the upcoming iOS device.

iPhone celebrates its fifth anniversary. The first iPhone made its debut on June 29, 2007 and shipped 250 million handsets worldwide and generated $150 billion worth of revenue for Apple.

When Apple first introduced iPhone, there were several doubts if it will be a hit in the market. The doubts were proven irrelevant as iPhone sells more handsets in a day compared to number of babies born.

ALSO READ: iPhone 5 Latest Rumors: NCF, Mobile Payments and Other Speculated Features

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