By all indications, the Lumia 920 is fast-becoming a hero phone for Nokia, which analysts said represents a much-needed push for a struggling firm that has seen lacklustre product debuts and market battering in the past few years.

Reports of the flagship Nokia handset running out of supply in Australia, Germany and the United States plus gaining strong following in the sprawling Chinese market bode well for a company that this year was peppered with speculations of near-collapse or acquisition by companies not even on its league 15 years ago.

But the Finnish firm soldiered on and it appears now that its insistence of betting big on Microsoft's Windows Phone 8 is paying off.

Forbes has reported that following the Black Friday and Cyber Monday sales onslaught, Nokia would be hard-pressed to satisfy spiking consumer demands for the Lumia 920, with Amazon indicating on its website that waiting time for the mobile phone is now set at no less than two weeks.

The supply shortage is compounded by AT&T's recent announcement that its stock of the Nokia smartphone is running out - pointing to scenarios that were reminiscent of Apple's iPhone launches in the past.

Of course, Nokia is not yet that well-placed to duplicate Apple's ongoing incredible run but analysts could not help but to play the optimist this time for Nokia.

In a NASDAQ blog by Zacks Equity Research, the company was given a short-term 'Buy' rating with props up remarks that said: "Nokia has at last found a winner in the form of Lumia 920 which has at least given them a ray of hope to gain some market traction.

But the blog warned too while the Lumia series has so far attracted 11 million buys with the Lumia 920 at the forefront, "the company should not rest on its laurels after this success and should continue efforts to revamp its falling handset business."

This guarded optimism seems to suggest that while the Lumia 920 has generated "the strongest demand ever for any Nokia phones in the last 10 years," as reported by Mobile Mag, consumers and the tech general expect more exciting innovations to come for the upcoming iterations of the Lumia.

And deploying cutting-edge technology with the 920, such as the PureView camera technology and wireless-charging, is a good start that needs further sharpening in the Lumia versions ahead, tech experts said, if only to sustain or build up Nokia's recent gains.

The anticipated upgrades are thinner but more powerful Nokia handsets plus an avalanche of Windows-friendly apps that should address reviewers bemoans of little offerings in the Microsoft world due to its limited library of application at the moment.

It also helps that Nokia's newfound-drive is complemented by the affordable Asha feature phone series, which in the last quarter has shored up the company's overall mobile phone sales, according to CIO Today.

Come the results of the Q4 gadget tussles that companies will release on January 2013, analysts would want to confirm the notion that Nokia has indeed found a marquee smartphone in the Lumia 920, which should gradually elevate the Lumias from its current side-business status.