South Korean tech giant Samsung Electronics is reportedly planning to launch a new smartphone this year, as a successor to the recently released low-cost mobile device, Samsung Z1.

The Samsung Z1 smartphone, which was first launched on January 14, 2015 in India, runs on the open source Linux Kernel-based Tizen operating system (OS).

The Samsung Z3 will also run on the Tizen OS platform and, according to reports, it will pack better memory capacity and improved power and performance compared to the predecessor.

Reports say the upcoming Samsung Z3 smartphone will come with 1GB worth of RAM and 8GB internal storage memory. Samsung is expected to use a 5 inch screen display for this new handset and possibly a 5 mega pixel rear camera.

The Z3 smartphone will have a 2 mega pixel front-facing camera and will be powered by a 2,000 mAh battery. Its processor is expected to be Qualcomm's 64 bit Snapdragon 410 chipset.

Samsung is apparently holding on to the Tizen OS while the world is currently being dominated by Google's Android and Apple's iOS operating systems.

Samsung is reportedly planning to use the Tizen platform on most of its new smart products such as smart TVs, wearables, home appliances, cameras and devices designed for the evolving Internet of Things (IoT).

The South Korean tech giant announced just earlier this year plans to launch new smart home appliances including refrigerators, TVs and air conditioners, that will run on Tizen. The move is part of the company's efforts to expand into the Internet of Things market.

The Samsung Z1, which was the first mobile device to run on the Tizen OS, had become the number one and best-selling smartphone in the Bangladeshi market. The South Korean firm reportedly sold about half a million units in Bangladesh and India. Sri Lanka is expected to be the next destination for the Z1.