The iPhone is reaching maturity as it nears its 10^th year. On Wednesday, Apple Inc. is set to roll out new versions of its flagship device, but it is highly likely that the new iteration will not comprise of any significant new features that the customer base has come to expect from the manufacturers every year. Apple’s new phones are arriving at a very important juncture for the maker as iPhone sales have slowed down for the first time and consumers are waiting longer before choosing to upgrade their phones. Furthermore, there is also plenty of fresh competition from other smartphone makers, which include Huawei Technologies Co. and Samsung Electronics.

Earlier this year, it had been reported that the iPhone maker was planning to get rid of the 3.5-millimeter headphone jack, which will enhance the water resistance of the device and also make it slimmer. The idea was panned by critics. According to rumors, Apple is planning to make radical changes to its device, but it will unveil them next year at the time of the 10^th anniversary of the iconic smartphone. On Monday, Apple refused to comment on the rumors flying around about the upcoming devices. In recent years, the iPhone has been responsible for the extraordinary growth the Cupertino, California based company has experienced in recent years.

As a matter of fact, the phone helped Apple Inc. become the most valuable company in the world. In the year ended September 26^th, 2015, records show that Apple sold about six times as many iPhones as it did five years earlier. Nearly two-thirds of the revenue of the company was contributed by the iPhone. However, the glow from the introduction of the large screen models of the iPhone in 2014 has faded considerably. In the quarter ended on June 25^th, there was a 23% decline in the revenue generated by the iPhone.

In the past 12 months, there has also been a 4.9% decline in the company’s share price. Analysts said that the easy growth experienced by the iPhone is now shrinking and may eventually disappear. It has been predicted that the iPhone sales will only grow by 1.5% between 2015 and 2020. In order to combat with this issue, the US manufacturer has boosted its research and development spending, which totaled about $8.1 billion in the year ended September 2015. In 2011, it had been about $2.4 billion. The company is now looking into new products, which include an Apple-branded vehicle and is referred by the codename Project Titan.

Moreover, the Apple Watch has turned out to be a modest success, but CEO Tim Cook is still looking for another breakout that could actually rival the iPhone. The device has become immensely popular in the Chinese market where its sales reached $58.7 billion in the year ended September 2015. But, like everywhere else, sales in China have also cooled down and have reached 33% in the latest quarter as opposed to a year before. In a conference call in July, Mr. Cook said that the phone had good prospects in India and China.

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