Samsung is set to launch its Galaxy S5 smartphone at Mobile World Congress this month, having announced its “Unpacked 5” event will be held in Barcelona.

The company will hold an event on the evening of Monday 24 February, marking the first time it has unveiled a flagship device at the event since the Galaxy S2 in 2011.

It has been suggested that the launch has been brought forward due to lower than expected sales of the Galaxy S4. Bringing the new device to market more quickly will enable it to reinvigorate its performance after a tough Q4.

The new flagship is especially important for Samsung’s position in the high-end smartphone market, where growth is hard to find and competition is fierce. In this space, the company has lost some momentum following Apple’s latest iPhone update.

The Galaxy S5 is likely to include some physical differences to the Galaxy S4, in order to address criticism that the S4 was too similar to the Galaxy S3 – meaning it was difficult for owners and potential buyers to easily differentiate between the smartphones.

There have already been numerous reports speculating on the specifications of the S5: Mobile World Live’s latest round up is here.

According to some reports, Samsung will also unveil an updated version of its Galaxy Gear smart watch.

There have previously been reports of lacklustre sales of this product, although the vendor argued that it is the “most sold” in its class.

It has already been suggested that an early 2014 refresh is likely, against a backdrop of criticism that the first iteration was “a prototype masquerading as a commercial product”.

A new device is likely to feature improved standalone capabilities, and compatibility with a wider range of companion smartphones.