A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in downtown Shanghai September 10, 2013.
A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in downtown Shanghai September 10, 2013. Reuters

Apple is expected to launch an inexpensive iMac variant at its Worldwide Developers Conference scheduled for June 2, 2014. The rumors were further confirmed by the fact that the shipping times for the currently available iMac models will now take 3 to 5 business days. This is a reduction from the usual one-day shipping time frame that Apple boasts, says Apple Insider.

It is worth noting that, Ming-Chi Kuo, a KGI Securities analyst said that Apple is planning to unveil a relatively inexpensive iMac in the second quarter of this year. This inexpensive model is expected to give competition to desktop models from HP and Lenovo.

The publication also said that, lowering the price range could further the iMac sales by 23% this year.

In addition to the inexpensive iMac model, here are other important elements that can be expected out of WWDC 2014.

The WWDC event is expected to launch new software and hardware from Apple. Notably, Apple's WWDC 2013 unveiled OS X 10.9 Mavericks, iOS 7, a new version of Mac Pro, a new version of MacBook Air, iTunes Radio and iWork for iCloud.

1. This year, Apple is expected to launch a new software platform, also known as 'Smart Home' platform, which gives power to the iPhone to control lights, household devices and security systems directly.

2. The next version of Mac OS X, the OS X 10.10, will be unveiled at WWDC 2014.

3. Apple's iOS 7 went through a major redesign boost in 2013 and hence it is only natural that, the iOS 8 will also see some software changes and enhancements, albeit there may not be a major redesign. Healthbook App is one particular aspect that is making waves in the internet space.

Healthbook app is created to collect a wide range of health and fitness related information with the help of sensors. This iOS 8 Healthbook app is expected to have categories based on cards including Emergency Card, Cholesterol, Respiratory Rate, Heart Rate, Sleep and Nutrition. These cards are speculated to provide timely information and statistics pertaining to health.

4. The tech giant is also expected to showcase its much-speculated gadget, the iWatch. With wearable devices from Samsung and Google making waves, Apple could unveil its first wearable gadget in this year's WWDC.

5. Other than the above entities, the event will also see the launch of iPhone 6, and a new version of Apple TV. According to PC Advisor, a new version of MacBook Air, a new version of MacBook Pro and also a possible update to the iPad could see the light of the day in 2014 WWDC event.

It remains to be seen though if these reports will indeed be realized.