Apple aficionados have another reason to be happy. This tech giant is set to launch a 4-inch iPhone and other products soon. It is the company's latest tech gadget called iPhone 5se, together with its latest watch model, and perhaps an iPad Air 3 as well. The launch of these new products is scheduled on March 2015.

The rumor that the Cupertino-based company will launch a true successor to iPhone 5 has been going around for some time. People who are not fond of big screen displays in their mobiles are eagerly waiting for such an item.

The company initially called this new iPhone by several names, including iPhone 6c, iPhone 7c, and iPhone 5c. According to 9 to 5Mac, Apple finally settled to the now official name of iPhone 5se.

The internal codename of this new device is 'N69' but to the public, it will be known as iPhone 5se. Apple insiders explain that the suffix 'se' simply means 'special edition.' It is a modification of the old 4-inch iPhone screen, but is really an improved version of the iPhone 5s.

The overall design of this latest device is similar to Apple's flagship model in 2013, but with upgraded internal parts, hardware features and software. It harmonizes the phone's old design with today's modern technologies culled out from the previous two iPhone upgrades.

Some of the upgrades of this new device include a curved glass edges like those on the iPhone 6 and 6s replacing the old chamfered and shiny edges, a health app with a barometer that can indicate elevation, and A8 and M8 chips just like the iPhone 6.

This Apple iPhone unit will have the same 1.2 megapixel front camera and 8 megapixel rear camera which is also similar with the cameras of iPhone 6. It will also have the same options of colors, including Gold, Space Gray, Rose Gold and Silver.