In a Thursday announcement, tech giant Apple has disclosed that its next product launch event will be held on March 21, 2016, at the small auditorium at the company's headquarters in Cupertino, California.

At the forthcoming event, Apple is expected to introduce the much-reported 4-inch iPhone as well an updated iPad. In addition, some tech industry experts are also speculating that Apple may introduce new software or services for iOS or OS X at the event.

According to the details shared by an unidentified source familiar with the proceedings at Apple, the smaller-screen iPhone version will be fairly akin in appearance to the iPhone 5S model which the company had launched in 2013. The source has also revealed that the upcoming 4-inch iPhone will be powered by Apple's faster A9 processor which presently powers the iPhone 6S model.

The 4-inch iPhone will also come with a more affordable price tag than the high-end iPhone models; and will likely be priced between $400 and $500.

Meanwhile, so far as the expected unveiling of the updated iPad at the March 21 event is concerned, not much is known about the upcoming tablet. However, rumors are suggesting that the new iPad will probably be a smaller tablet then the standard iPad.