Samsung Galaxy S7 price, release date, specs & update: rumors say price will be 10% cheaper than Galaxy S6

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Samsung has been facing stiff competition as of late amid cutthroat rivalry in the mobile market, and the South Korean electronics titan, admittedly, has seen the need to adapt to changes in order to stay afloat.

The challenge was not simply that which is posed by its greatest competitor Apple anymore, there has been the emergence of the Chinese tech companies with the like of Huawei and Xiaomi which has been eating up a good portion of mobile market shares lately as the two businesses offer quality products in budget prices, according to a report from the International Business Times.

Samsung has already cut back on the prices of their premium mobile devices like Galaxy S6 and Galaxy S6 Edge earlier by as much as close to 10 percent. And, Vice Chairman Kwon Oh-Hyun has likely hinted of another price restructuring for their upcoming devices to keep themselves apace with these OEM companies during the ceremony of the company's annual anniversary, GforGames wrote.

As for the release date of the Samsung Galaxy S7, there have been conflicting reports on the possibility of its launch. While the launch will most probably be in the earlier part of 2016, it is not sure yet whether it would be on February or earlier in January.

According to a report from KnowYourMobile, the Galaxy S7 smartphone could be launched in January, earlier than the usual February release to get ahead of its competition, particularly Apple. This was based from a report from South Korea's Electronic Times, which said that insider information from the mobile phone component industries reveal that Samsung is planning to launch their upcoming flagship phone in January.

On the other hand, a report from Phone Arena says that the Galaxy S7 launch will be sometime later in February, and even went far as to saying that the device will have two versions. One of which will run a Qualcomm Snapdragon 820 chipset manufactured by Samsung itself and the other one with Samsung's own Exynos 8890 (M1) SoC. The report also noted that both these versions could be supporting LTE Cat. 12 speeds delivering a faster download and upload rates.

One of the interesting features that the Galaxy S7 is rumored to have is the 12 MP primary camera, which may be wanting in terms of megapixel numbers in today's flagship phone standards, but is said to have a larger sensor that is 1/2" in size. This is in contrast to earlier rumors that it might come with a 20MP ISOCELL sensor, GSM Arena reported.