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Apple A7 (Photo : Reuters)

Advanced RISC Machines (ARM) has announced that it will be unveiling its newest chip design in 2016. The Cortex-A72 will be three times faster than the current Cortex-A15 thus increasing performance and efficiency of smartphones in the future.

The ARM architecture is used in more than 95 percent of all the smartphone chips in the whole world. An ARM official formally introduced a new set of technologies on Feb. 3, Tuesday, adding that they are expecting the integration of systems-on-a-chip that will help to propel its new design that will hit the market in 2016, according to Eweek.

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ARM vice president of segment marketing Ian Ferguson confirmed that more than 10 microchip manufacturers have already licensed their technology. These companies include HiSilicon, Rockchip and MediaTek.

Aside from the new processor design, ARM also announced an additional set of technology that will be available in the future. The company's newest graphics processing unit (GPU) named Mali will allow smartphones to have the same graphics quality as those present in consoles, according to Forbes.

Many analyst were skeptical as to what might be the practical use of putting a console GPU on smartphones, to answer this ARM brought in Oculus director of development for mobile and PC software Anuj Gosalia.

Gosalia said, "We're very happy to see companies building cutting edge graphics and CPU's in phones that work surprisingly well with VR. This gets us closer to the vision owe have of an untethered VR experience."

Gosalia added that if a console GPU is present is integrated on smartphones this will open up a whole new market of mobile Virtual Reality. Right now technological inadequacy only allows Virtual Reality in personal computers.