The Mac community, and industry analysts, are watching closely to see if the tech giant can maintain its reputation for amazing innovation now that Steve Jobs is gone.  Apple Inc. could release two new versions of its wildly popular iPhone as early as August.

One of the two new iterations is slated to be a new and improved iPhone 5S, while the other would be a budget iPhone product, a low-cost phone designed for consumers who can’t typically afford the standard iPhone.

According to Japanese tech blog EMSOne, the unveiling of both will come in August.

The iPhone 5S would be Apple’s new bellwether, replacing the iPhone 5, which came out in September.
The second, still unnamed budget device, would help the tech giant have a better presence among consumers who aren’t able, or willing, to spend more than $500 on a new smartphone.

Industry analysts have, in recent months, claimed that Apple has saturated the high end of the technology market. Consumers who want and can afford a premium smartphone have already purchased one, they say, pushing Apple think about making products for consumers with less disposable income.

An Apple representative did not immediately return a request for comment.

According to reports, the design of the iPhone 5s will not be changed significantly from the design of the iPhone 5.

The budget iPhone, on the other hand, is likely to be noticeably different. Its case could be made out of polycarbonate (the iPhone 5 case is made from aluminum) and is reported to feature a 4.5-inch display (the iPhone 5 has a 4-inch display).

Earlier rumors had suggested that Apple might even put out three phones in 2013.

Last month AFP reported that the company could, in addition to the two other rumored phones, push ahead with a fully-fledged iPhone 6 in time for the Christmas holiday.