Apple Inc. (NASDAQ:AAPL)’s iPhone 5 apparently has a strong influence on Samsung, as the Korean tech company announced plans for a titanium gray version of their flagship phone, Galaxy S III. This new model hits T-Mobile stores earlier this week.

Galaxy S3

The new version comes with 16GB of internal storage, Android 4.1.1 Jelly Bean operating system, 8 megapixel camera with LED flash, 4.8 AMOLED HD display, NFC capabilities, and a 1.5 GHz dual-core processor. The phone will sell for $279.99, after a mail-in rebate coupon for $50.00.

Brian White (analyst for Topeka Capital Markets) predicts  that Apple Inc. (NASDAQ:AAPL) will release their next generation smartphone in six to eight different colors. That’s why they supposedly launched the fifth generation iPod Touch is many colors, they wanted to gauge the reactions of consumers before colorizing the next iPhone. Since it has proven to be successful, Apple will probably colorize the iPhone and the iPad next.

He also predicts that Apple Inc. (NASDAQ:AAPL) will introduce the iPhone in different sizes in order to appeal to all markets including the low-end markets. There has been some talk lately about Apple creating an iPhone Mini in hopes of securing a lead in the budget smartphone market. It’s been also predicted that the iPhone Mini could arrive as early as this summer.

To keep up with the competition, Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) recently announced their plans to release a budget-friendly smartphone called Samsung S Galaxy II Plus. Yesterday, we reported that this new phone is essentially an enhanced version of the original Galaxy II, with hyperglazed plastic construction, 4.3 inch Super AMOLED display, 1.2 GHz processor, and 8 megapixel back camera.  It also comes in two color choices white or dark blue.

The smartphone battle between Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) will continue to heat up as both companies continually release new smartphones and improve the ones they have on the market. 2013 could be a big year for smartphones.