The phone is also the predecessor of the Samsung Galaxy S III.

The phone went on sale in the US last week, it was available in Europe since late May, and began shipping in South Korea Monday, Reuters reports.

The company expects its latest iPhone rival to be the fastest selling smartphone it has ever produced.

Samsung Electronics, the worlds top mobile phone maker, said Monday it expects global sales of the latest Galaxy smartphone to surpass 10 million in July even as it struggles to keep up with demand because of component shortages.

Three ads for Samsung’s new Galaxy S III suggest a confidence on the part of Samsung.

More than 50 million units of previous Galaxy S models were sold globally in the past two years.

It doesn’t look like Samsung will have trouble reaching the milestone sales for the S III, despite the company quoting some component supply issues that affected availability by now.

Shin said the company expects to resolve the supply issues with mobile components sometime in the next week.

Prior to release, Samsung said more than 100 carriers placed 9 million pre orders globally.

The software features that Samsung has added really enhance the Android experience — and are what makes the phone catapult the HTC One line and other Android phones on the market.

The Galaxy S III has a 4.8 inch, Gorilla Glass 2.0 display, which makes the phone quite large, at least to those who don’t already have a larger screen phone.

In the Android market, the S III’s closest competitor would be HTC One X, which features similar specifications, but uses HTC’s Sense UI on top of Android 4.0, whereas reviewers found Samsung’s TouchWiz UI quite bloated.

The Galaxy S III is Samsung’s new flagship Android phone, and like its Galaxy S II predecessor, it’s going to be the Android phone — the one among what feels like hundreds — to take on the iPhone (and the next iPhone).

In a welcomed twist, the US version of the Galaxy S III won’t look different or sports other names varying by carrier, as it was the case with previous models.

The base version of the phone, the GT I9000, was quickly followed by variant models for the US carriers such as the Epic 4G, Vibrant, Captivate, Fascinate, and Mesmerize.

The phone hits all four major US carriers — Verizon, AT&T, Sprint, and T Mobile — in the coming weeks for $199 with a two year contract.

Krysta King is a business journalist based in Hobart, Australia. Krysta has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Krysta spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.