The latest version of Samsung's Galaxy S smartphone will be introduced by the South Korea-based company this month, Reuters reported. However, there are low expectations that its new features, like a larger screen, will fuel increase in sales because of the stronger competition in the market, the report said.

Samsung gave out invites for its "Samsung unpacked 5" event scheduled on February 24 at the Mobile World Congress in Barcelona. According to analysts, the launch was moved three weeks earlier after Samsung's S4 sales did not measure up to expectations, the report said.

As competition from Apple Inc and Chinese vendors heats up, the world's largest maker of smartphones is readying itself for its weakest annual profit growth in mobile in seven years. The weak growth is also prompted by the fact that demand for high-end smartphones is nearing its saturation point in many markets, the report said.

The soon-to-be-released S5 is expected to have a wider screen and better rear camera. It is also expected to have biometric functions like an iris recognition or fingerprint scanner. The Galaxy Gear smartwatch could also accompany the S5, the report said.

A new focus on the costs is set to be the overriding theme at the yearly industry gathering which marks the opposite of the glitz and glamour that Samsung had used in its prior launches. Actors and a full live orchestra marked the launch of the S4 at the Radio City Music Hall in New York last year.

However, a larger screen for the S5 is not expected to be a huge selling point since expectations abound that Apple will also be rolling out big-screen smartphones later in the year. Apple is also forecasted to gain a foothold in China after it started offering iPhones through China Mobile last month, the report said.