Samsung Galaxy Note 3-Camera

Samsung's latest flagship smartphones include some pretty impressive specs, with both the Galaxy Note 3 and Galaxy S4 boasting 13-megapixel cameras, but the company may need to keep improving if it wants to remain competitive in 2014. A new report from ETNews—which has a decent track record when it comes to Samsung rumors—claims the rumored Galaxy S5 will feature a 16-megapixel camera.

"Things will take shape around the year end because even a camera module sample test has not been completed yet," a Samsung insider from the company's Wireless Business division reportedly told ETNews, suggesting that the Galaxy S5 could launch in early 2014. Previous reports claim the South Korean company could rush its next flagship device to market as early as January 2014 in an effort to compete with Apple's iPhone 5s.

The Galaxy S5 would also compete with Sony's new handsets, which recently began rolling out a series of competitive handsets under the Xperia Z brand. The Japanese company's latest flagship, the Xperia Z1, boasts a 20.7-megapixel camera, putting the Note 3's 13-megapixel shooter to shame. The South Korean smartphone-maker still has a huge market lead over Sony, but could see its profits start to slip if it doesn't roll out an improved camera with its next major smartphone.