South Korean electronics giant, Samsung has announced the launch of its new Galaxy SIII smartphone, which is expected to take on Apple iPhone in the market.

The device was released at an event in the British Capital, London on Thursday. The Galaxy SIII smartphone features a 4.8 inch touch screen and an impressive 8 megapixel camera. It will run on the latest version of Google's Android software.

The company is expected to launch a massive marketing campaign for the smartphone, which is termed as the official smartphone of the London 2012 Olympics. The marketing campaign as well as the impressive features of the handset is likely to attract great number of users to the new product by the company, according to experts. A report suggests that the smartphone's Verizon USA version might feature a Qualcomm Snapdragon S4 dual-core processor.

More than 20 million copies of the existing Galaxy S2 have been sold since its launch in April 2011. Experts say that Samsung series of devices has helped boost growth and surpass Nokia to become the world's largest mobile phone maker.