"I think [the Galaxy S III] is going to be a massive hit for Samsung, but it isn't as disruptive as previous devices have been because the bar is set very high now," said Wood.

Even though the Galaxy S III has a specification similar to other new high-end Android-based smartphones, Samsung's brand and marketing might will help reinforce its strong position in the smartphone market, according to Wood.

Samsung now has the opportunity to grab market share while many of its rivals are struggling.

"It is clear that this is the perfect moment for Samsung to do that, coupled with the fact that it has a four- to five-month lead over Apple's iPhone 5," said Wood.

HTC, Nokia and Research In Motion all lost market share during the first quarter, while Apple's and Samsung's chunks of the market grew, according to IDC.