Microsoft and Nokia are expected to hold an event Sept. 5 revealing the next-generation Windows Phones as the software company prepares to launch Windows Phone 8 in 2012. Analysts speaking to Reuters predict that the event is the final play for the two companies.

When Microsoft hosts its Sept. 5 event announcements will probably also come from Nokia. Devices from the company leaked online last week, though their legitimacy is not confirmed, and analysts are skeptical over how Nokia will fare.

"Nokia bet everything on Windows 8, and if this doesn't succeed the next step might be having to do what's best for shareholders, and that might include selling off key assets or selling the whole company," Cannacord Genuity analyst Michael Walkley said to Reuters Friday.

Nokia sold four million Lumia devices, it revealed in its latest earnings, though that figure is small in comparison to the 10 million Samsung Galaxy S3 devices sold or the millions Apple sells anually.

Microsoft is also lagging behind Google and Apple: Android and iOS devices take 68 and 17 percent of the market respectively. Recent data on the amount of apps submitted per day revealed that Windows Phone is seeing just over a hundred, while iOS and Android see over 700 and 600 respectively.

Nokia is going to quickly face competition from Apple, which may reveal the new iPhone just a week later. Apple is expected to introduce a 4-inch screen and a revised design with the new iPhone. In light of the high consumer demand for iProducts, it is important Microsoft and Nokia grab attention quickly.

"Developers want to see more devices, and people want to buy only when they see more apps. I'd say it will take years, they [Microsoft] are so far behind," McAdems' Wright Ragen said.

Nokia CEO Stephen Elop previously confirmed to reporters it is launching new Windows Phone 8 devices. The update to Windows Phone brings a new start screen and the ability to co-develop apps; that is, developers can build apps for Windows Phone and Windows 8 simultaneously.