In order to offset competition from Apple's next generation iPhone that is expected to be released in the second half of 2015, Samsung Electronics is pushing R&D for its next Galaxy S smartphone being referred to as Galaxy S7, with the intention of releasing the device also in the second half of the year, according to Korea-based news source Newsis.

Samsung is aiming to release the device 2-3 months ahead of schedule so that it would have a release date in late 2015, making it the first time the company would release two different Galaxy S series smartphones in one year.

Samsung estimates Galaxy S6 and Galaxy S6 Edge will reach cumulative sales of over 70 million in 2015, according to a recent report from DigitalTimes.