• The new iPhone 7 is displayed on a table at an Apple store in Manhattan on September 16, 2016 in New York City.

The new iPhone 7 is displayed on a table at an Apple store in Manhattan on September 16, 2016 in New York City. (Photo : Getty Images/Spencer Platt)

Apple is expected to release their iPhone 8 this year and analysts believe it may be larger than the iPhone 6. Financially, the analysts think that the release will set new iPhone sales records.

There has not been much innovation in the iPhone 7 and even Apple's loyal fan base believes so. Hardware and software upgrades were present but there really is nothing entirely new in the product.

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Apple's iPhone 8 is expected to bring fresh tech to the table. It may be the first iPhone to use an OLED panel which is more efficient than the current LCD panels the Cupertino-based tech giant is using.

Wall Street analysts expect that there will be more than 80 million iPhone 8 units sold during the fourth quarter of 2017, Fortune has learned. It would create the supercycle that the iPhone 6 also started when it was released.

Besides the new version itself, Apple is also expected to release the iPhone 7s and the iPhone 7s Plus. Analysts are not so keen on the two variants' sale records as people tend to buy a huge upgrade over minor ones especially with the iOS products' expensive price tags.

Apple's iPhone 8 is also expected to have an almost edgeless all-screen OLED display with the home button integrated under the glass itself, BGR reported. In addition, the TouchID sensor is also embedded in the display for faster access.

Hopefully, the iPhone 8 will also feature a QHD display similar to flagship smartphones such as the Galaxy S7 or the LG V20. Even an upgrade to full HD resolution will be appreciated. The RAM may be 3GB with the internal storage going up to 256GB. The 32GB variant could be the smallest option similar to the iPhone 7.

Apple may unveil the iPhone 8 specs, price and release date in their own press event. However, it may take several months more according to their usual hardware cycle.

Learn more about the iPhone 8 below: