Apple will reportedly hold its next iPhone event on Sept. 10, unveiling its next-generation smartphone.

Industry watchers widely expect Apple to launch a new iPhone 5S, as well as a lower-cost smartphone that has been dubbed the "iPhone 5C."

According to a new report from AllThingsD, the big event will take place in less than a month, on Sept. 10. The publication claims to have received this information from its own sources.

Apple continues to see great success with its popular iPhone, but the company's global market share has dropped nonetheless, as a slew of low-cost Android devices invaded the market. Archrival Samsung is also giving Apple a run for its money and the iPhone maker needs something big to stay competitive.

As AllThingsD notes, most Apple watchers are waiting to see whether the company is finally making a foray into the mid-range smartphone market. Apple historically tried to near the mid-range segment in terms of pricing by offering its older models for $100 or $200 less than the new iPhone. Recent rumors, however, claim that Apple is finally ready to unleash a lower-cost iPhone to cater to that segment. The more affordable model would launch alongside the refreshed iPhone 5.

A Sept. 10 iPhone event would also make sense considering that Apple has not launched much in 2013. The company previewed its new iOS 7 back in June, but board members are reportedly pressing Apple CEO Tim Cook for more innovation.

In a recent research note, Jefferies analyst Peter Misek pointed out that expectations are low for the new iPhone.

"Trend of elongating replacement cycles unlikely to be stopped by the iPhone 5S. With smartphones 50% of Q1 global handset shipments and 60% of U.S. subscribers currently owning a smartphone, we believe growth is shifting to the low-end and to emerging markets while high-end smartphone replacements are elongating," notes Misek, as cited by ZDNet. "A compelling offering could interrupt that trend, but we do not believe the iPhone 5S is that phone and it has little to differentiate itself from the 5 or other high-end smartphones. We believe people are likely to skip the 5S and wait for the 6 with its larger screen."

While Misek may be right about iPhone 5S expectations and anticipation, the lower-cost iPhone 5C is likely to be a great success with consumers. The Apple brand is still very popular and many potential buyers would likely want an iPhone if it didn't cost so much.

All of this is just speculation for now, but if AllThingsD proves to be accurate and Apple holds its next iPhone event on Sept. 10, it will all be more clear in a month or so. Stay tuned.