Apple's March 21 Event: The New Tech That Could Be Unveiled

PHOTO: The Apple logo is displayed at the Apple Store, June 17, 2015, on Fifth Avenue in New York City.PlayEric Thayer/Getty Images
WATCH Apple to Make Big Announcement on March 21

Over the past year, Apple has introduced super-sized iPhones, but the company's next release could be getting smaller.

Apple is set to host an invitation-only launch event at the company's Cupertino, California, campus on March 21 at 10 a.m. PT. The event comes one day before Apple and the FBI are set to meet in court regarding an ongoing battle over unlocking an iPhone that belonged to one of the San Bernardino shooters.

With a court hearing the next day, it's possible Apple executives could use the forum to again comment on the battle, which they have previously said puts the privacy of millions of Americans at risk. However, the star of the show -- and the reason for the event -- is likely to be a new iPhone.

iPhone

The Apple rumor mill has been in overdrive with predictions that Apple may introduce a new 4-inch device called the iPhone 5se (special edition) to replace the iPhone 5s in its line-up of smartphones.

"I expect to see a 4-inch iPhone but with the ability to access all of Apple's services, such as Apple Pay," Patrick Moorhead, an analyst at Moor Insights & Strategy, told ABC News.

The rumored new device would be about the same size as an iPhone 5s but would come with some of the newer design and software updates found in Apple's past two releases, the iPhone 6 and iPhone 6s, including a faster processor, photo and video upgrades and Apple Pay capability, according to reports.

Moorhead said the new phone could come at a lower price point than the jumbo phones that Apple has released over the past year, and appeal to consumers who are ready for a new device but don't want to upgrade to a larger phone.

"While Apple will never be the low price vendor, they can be competitive in price and provide, theoretically, a superior experience," he said. "It is a positioning play to operate at those lower price points and financially works out for them if they can work the blended average of what they sell."

iPad

It's also expected Apple will introduce a revamped iPad.

"I'm expecting a new 9.7-inch iPad that has pen access and has a lot of the innards that the iPad Pro has, including a super-charged processor, graphics and memory," Moorhead said, referring to the ability to use a stylus-type pen. "Even though the tablet market is clearly in decline, I think it is important for Apple to be able to demonstrate if you want to buy it, they provide the best performance and experience."

Also look out for a few other smaller announcements, which could include new Apple Watch band options and a number of incremental hardware and software updates.