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class="wp-caption-text">A bloggers interpretation of what the iPhone 5 will look like

By tomorrow afternoon Apple will have finally unveiled the much-awaited iPhone 5.

Such is the secrecy surrounding the launch that very few details apart from the location of the San Francisco theatre where it is being held have emerged.

Much is riding on the new phone being a hit with Apple’s devoted followers. Shares in Apple have shot up 64% this year and the company is now the most valuable in history, worth around $621 billion dollars (that’s makes it slightly bigger than the entire economic output of Switzerland).

The surge in the share price has driven by speculation of the launch of new products. It will also be the first major redesign Apple has undertaken since the death of Steve Jobs a year ago.

Speculation about new features on the iPhone 5 have centred on a bigger screen. The iPhones 3.5 inch screen hasn’t changed since the phone was launched, while rivals at HTC, Samsung, Motorola and Nokia have gone to nearly 5 inch screens.

The weight and dimensions of the phone may change and there are reports of a new mini dock connector. It’s also rumoured that there will be faster connection to new internet networks and Apple’s own mapping software.

Will this be enough to lift global shipments of the iPhone, which accounts for 70% of Apple’s annual profits and more than 40% of its sales?

Analysts anticipate that 10 million new iPhones could be sold by the end of the year. That will inevitable drive the share price higher and put more pressure on Jobs’ replacement as chief executive, Tim Cook, to come up with both new iPhone features and changes to other Apple products.

There’s been little change to the iPod in years, while the iPad is going to find itself under assault from Microsoft’s Surface and Amazon’s new Kindle Fire, which was launched last week and takes a direct attack on the Apple tablet with a bigger screen and cheaper prices.

Few doubt Cook and Apple will be able to meet and exceed expectations. Last year’s iPhone 4S hardly set the world alight yet remains the company’s best selling product.

Ian Guider – You can follow Ian on Twitter: href="https://twitter.com/ianguider">@ianguider

Ian is Newstalk’s Business Editor and presents Business Breakfast every weekday from 6:30-7am only on Newstalk 106-108fm.