If the latest reports are to be believed, GoPro Inc. is preparing to launch its latest waterproof sports adventure camera, Hero 4, sometime in mid-October 2014. According to Jim Duffy, an analyst with Stifel, the launch of the GoPro Hero 4 will be the biggest action camera event to date.

A report by ValueWalk.com said that the research firm is of the view that the latest camera from GoPro will be priced at $499 - a significant increase from the price of Hero 3+ Black, which sells for $399. However, the San Mateo-based manufacturing company has yet to confirm the release date of GoPro Hero 4.

ProductReviews.Net says that the Hero 4 will be able to capture 4K videos at 30 fps. In addition, the upcoming adventure camera will feature a 13-megapixel photo sensor to take pictures as well as videos in the most illuminated of conditions. GoPro Hero 4 is also reported to come with enhanced MCTF, electronic image stabilization, and improved WDR Tone-mapping.

Quoting sources, Air Herald reports that the GoPro Hero 4 will be resistant to extreme weather conditions like hail, rain and storm.

In addition, it is expected that GoPro Hero 4 will feature 1GHz Ambarella A9 processor and an FPU accelerator, besides having viewfinder functions and Wi-Fi for remote playback. These features will enable the users to share the photographs and videos taken with the camera on social media sites.

GoPro Hero 4 will capture raving moments from various types of action sports. Hence, adventure freaks as well as extreme sports lovers are eagerly awaiting the launch of Hero 4.

Meanwhile, it has been learned that GoPro will have some tough competition soon. According to a report by Bloomberg, HTC is developing a waterproof sports camera to challenge GoPro. In fact, sources said that HTC plans to expand its product offering, as the sales of its smartphones continue to decline. The camera being developed by HTC will connect directly to devices running iOS or Android.

Moreover, HTC's tube-shaped camera will also incorporate WiFi and Bluetooth capabilities. The Taiwanese company is expected to launch its first waterproof camera at a press event in New York on Oct. 8.