In terms of the smartphone industry, the competition between technology powerhouses Samsung and Apple has began to heat up.

Since the Samsung's launch of its very first Galaxy S device, the two dominant companies have seemingly been in financial fisticuffs in their pursuits of becoming the world's the top smartphone manufacturer.

The Diplomat is reporting that Apple is currently in the process of working on both an iPhone 5s along with a next-generation iPhone 6.

However, until the respective rumors come into fruition, the original iPhone 5 still remains as Apple's premier phone while it attempts to compete against Samsung's Galaxy S4.

When it comes to storage space, both devices come equipped with 16/32/64 GB, but the Galaxy S4 has the capability to add more with a micro SD card slot.

Apple's flagship phone has an A6 dual-core CPU clocked at 1.3 GHz and 1 GB of RAM while Samsung's GS4 possesses 600 CPU at 1.9 GHz along with 2 GB of RAM.

In terms of display, the iPhone 5 possesses a 4.0-inch LED-backlit ISP LCD panel that has a resolution of 640 x 1136, resulting in a 326 pixels per inch density.

The Galaxy S4 has an even larger screen at 5.0-inch Super AMOLED display along with a full HD resolution at 1080 x 1920 and a pixel density of 441 ppi. Hence, the SGS4 seems to offer users more of a clearer Retina Display than the iPhone 5.

Rumors of Apple's upcoming iPhone 5s / iPhone 6 say the phones will come quipped with A7 chips, putting them on the same level as the Samsung Galaxy S4. It is also rumored to come with an even bigger display - 4.8 inches.

Peter Misek, an analyst with Jefferies, believes that Apple may release an iPhone 5S with a Retina+ display, and possibly Sharp IZGO technology, according to Business Insider. Sharp has long been rumored to be bringing its IGZO technology to both the iPhone and the iPad and it could be that the iPhone 5S is the first iPhone to sport the company's display tech.

The iPhone 5S is rumored to have much of the same look and feel to its predecessor, but will have higher specs. It will also allegedly feature a new super HD camera, 128GB storage, and a fingerprint sensor.

The iPhone 5S is likely to sell for around $350 to $450 for the basic model.

An exact launch date for the iPhone 5S has not been confirmed but it is predicted to be in June or July this year.

Previous rumors also stated that Apple's upcoming iPhones will include a wireless charging feature that's strikingly similar to the one found in Samsung's Galaxy S4.

Up until this point, it seems as though the Samsung Galaxy S4 has the advantage over Apple's iPhone devices in terms of its specs. However, the current results may not come as a shocker since the SGS4 is a significantly newer smartphone.

Nonetheless, Apple will clearly have its work cut out for them when it comes to the iPhone 5s and iPhone 6 in order to gain the upper hand against its clear-cut competitor.