Apple's big launch event is scheduled for March 21 at the firm's Town Hall auditorium on its 1 Infinite Loop campus in Cupertino, Calif., and the tech giant has begun sending out invites for the event. With everything set in place, one thing is sure - this is an event that Apple cannot compromise.

After all, with the company's revenue down due to relatively lackluster iPhone sales, Apple badly needs to unveil a device that would renew consumers' interests in the company's offerings. In a lot of ways, the success of the event would probably determine Apple's finances until the third quarter, which is when the company is expected to release its flagship smartphones.

Of course, for this month's event, a number of devices are expected to be showcased. At the top of the list is, of course, is the successor to the aging iPhone 5S. Believed to be branded as the iPhone SE, the 4-inch smartphone is set to be Apple's newest entry-level.

Considering that the maker of the device is Apple, it is almost certain that despite the device being possibly the most affordable iPhone in the company's current lineup, it would still be rather pricey, with analysts predicting that the phone would be priced at about $450 for the base model.

After all, while the iPhone SE is small, its internals are pretty formidable. Rumored to have the same powerhouse A9 processor as the flagship iPhone 6S and 6S Plus, the iPhone SE is also rumored to be equipped with the iPhone 6's 8MP rear and 1.2MP front camera. Apart from these, the new unit is also allegedly NFC-capable, making it the perfect Apple device for those who would want the best of the company in a handy, portable package.

Another device that is set to be unveiled in the March 21 event is Apple's new-generation 9.7-inch iPad. While details about the iPhone SE are quite abounding, there has been very little information about the new tablet. Speculations are quite divided, with some stating that the new device would be an update for the iPad Air line called the iPad Air 3. Others, however, believe that the new tablet would be a more compact version of the iPad Pro.

If the company does indeed migrate the 9.7-inch iPad line into the Pro series, it would mean that the Air line might probably be discontinued as a result. Of course, these are but speculations, but either way, Apple's upcoming 9.7-inch tablet might very well be its best iPad yet.