The new Lumia handsets were unveiled on Wednesday and feature several factors some analysts have indicated will help differentiate them from competitors.
These include Nokia's slew of custom Windows Phone 8 apps, wireless charging and the use of Pureview camera technology in the higher end Lumia 920.
"The support for five LTE bands, the integration of the PureView camera technology, the high-definition display, and the dual-core processor, along with other features and a range of accessories for wireless charging, will make it a contender to its competitors," said IDC analyst, Francisco Jeronimo.
"From a hardware perspective the new Lumia 920 can compete head-to-head with any of the current high-end smartphones on the market. The Lumia 820 is also a very interesting proposition in the mid-range segment to compete with Android, both in terms of specs and design."
Jeronimo added that the ongoing legal battle raging between Apple and several Android smartphone makers presents Microsoft an opportunity to increase Windows Phone's market share.
"The support of other OEMs is key, and the Samsung vs. Apple lawsuit will trigger the investment and speed up the roadmaps on Windows Phones," said Jeronimo.
"Feedback from Windows Phone users is extremely good and the latest Microsoft announcements on Windows Phone 8 will represent a major opportunity. The time has come for Stephen Elop to prove his strategy was right."
Despite the positive outlook, Ovum analyst Jan Dawson has warned that the new Lumias won't have an immediate affect on Nokia's ailing financial performance.
"I'd expect them to sell a few million of these new devices in the next few months, boosting their overall Lumia sales a bit over the run rate for the last few quarters," Dawson told V3.
"Nokia is positioning this as one of several steps to rebuild its fortunes in the smartphone business, and I think that's right. What we saw with the 900 launch earlier this year was that we're not likely to see a huge lift from a single device but that a range of devices over time should drive growth in the medium to long term."
The Lumia 920 and 820's unveiling comes during a dark period for Nokia, as the Finnish phone maker's stock is currently rated as junk by credit rating companies such as Fitch.
Earlier in August it was forced to issue a statement hitting back at Standard & Poor's (S&P) decision to slash the handset maker's debt rating by two additional steps.
Check back with V3 later this week for initial hands-on reviews of the Lumia 920 and 820.
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