Tech giant Samsung is expected to release its flagship phone, Galaxy Note 2, later this month.

Galaxy Note 2 is expected to wow critics and consumers upon its release. Samsung will keep the ball rolling and enjoy its current success of topping the smartphone market.

According to the recent report of research and analysis firm IDC, Samsung sold a total of 50.2 million units and reached a new quarterly smartphone shipment record in a single quarter that widen the gap between Apple and Samsung. What remains to be seen is how the company's smartphones will fare against Apple's next-generation iPhone expected later this year.

"Samsung employs a 'shotgun' strategy wherein many models are created that cover a wide range of market segments. Apple, in contrast, offers a small number of high-profile models. While both companies have expanded their geographic presence in pursuit of market share, the two companies will inevitably come into greater conflict as both try to generate additional gains," said Kevin Restivo, senior research analyst with IDC's Worldwide Quarterly Mobile Phone Tracker.

Samsung wished to further widen the gap between its rival by bringing out its big guns later this year with the imminent release of its new smartphone Galaxy Note 2 and latest tablet, Galaxy Note 10.1.

Below are some of the rumored features of the upcoming device from the Korea-based hardware device manufacturer.

Huge Screen Display - Samsung Galaxy Note 2 is expected to have a humungous 5.5 inch screen display. The device will have 1280x720 pixels resolution.

4G LTE Connectivity - It is rumored that the device will support 4G LTE connectivity, which is definitely an asset for the smartphone and will attract more consumers. However, it is unclear if this feature is for US consumers only or will the device release versions that will make it compatible with $G networks in various countries.

Faster Processor - A leak emerged showing that the Galaxy Note 2 will have a faster processor than Samsung Galaxy S3. The upcoming smartphone will have a 1.6GHz quad core Exynos processor.

DSLR-like Camera - It would be amazing if Samsung can really pull off a 12 megapixel shooter in the new device.

Android's Jelly Bean - Rumors say that the Galaxy Note 2 will be powered Android 4.1 version Jelly Bean mobile operating system. Others claim that the device will be released with Ice Cream Sandwich in tow but update to Jelly Bean will follow.

Release - The official release of the device is still unknown. However, rumors point to two possible release dates. One is on August 15 after an announcement was made by Samsung Electronics America. Another possible date is on August 30 at the IFA event in Berlin, Germany.

Two Versions (US and International versions) - According to the German site Netzwelt.de, Samsung will be unveiling is the US version of the device on August 15. The IFA Expo, on the other hand, will feature the international buyers. Speculations are spreading that this is due to LTE connectivity. International customers may end up getting a quad-core Galaxy Note 2 while US buyers may get 4G LTE-capable dual-core device.

As of now, there is no official announcement yet from mobile manufacturer Samsung.