A Microsoft logo is seen a day after Microsoft Corp's $26.2 billion purchase of LinkedIn Corp, in Los Angeles, California, U.S. June 14, 2016. Reuters/Lucy Nicholson

The Surface Phone could be Microsoft’s last chance to take a shot at Apple’s iPhone. Microsoft currently commands one percent market share but still wants to emerge as a major player in that category. Many tech experts are looking at the Surface Phone not as a serious product but a mere academic exercise.

However, a recent ZDNet report has suggested that Microsoft is seriously working on a product that will be completed by late 2017. This product will allow full versions of Windows software run on an ARM processor. ARM processors are used in numerous smartphones worldwide. The report has inspired hundreds of enthusiasts who are still eagerly waiting for a Microsoft Surface Phone.

Microsoft had previously revealed that the Surface Phone is a serious contender to Apple’s iPhone. Microsoft’s Continuum feature is what would make the Surface Phone great as it will allow the Windows 10 phone to connect to a display, attach mouse and keyboard and use it like a computer.

Previously, the Continuum feature was limited to only a few apps from Microsoft. However, the Microsoft Surface Phone will have this breakthrough feature allowing any Windows software run on the phone while in the PC-like Continuum mode, writes Business Insider.

As most businesses and professionals use the PC way more than apps, to get their work done, Surface Phone’s flagship feature would be a delight for them. This will make the Microsoft Surface Phone a competitive threat to the Apple iPhone.

Microsoft is believed to be building an emulator to trick Windows software into believing that it’s running on an Intel processor, even when it’s actually running on an ARM-powered smartphone.

It’s a similar technology to what Nintendo adopted for its NES Classic console to make old games run perfectly on the smaller yet more modern console. Even though Microsoft has declined to comment, the upcoming Surface Phone could be the company’s last shot at dominating the smartphone market.