Apple recently announced that its CEO Steve Jobs will take the stage next week at the Worldwide Developers Conference to introduce several new software developments, including the next version of its mobile operating system and the much-anticipated iCloud.

There has been a great deal of speculation regarding iCloud and what exactly it does. Some have suggested it will be a streaming service for Apple's iTunes, while others have asserted it will be a cloud-based storage locker similar to Dropbox.

Mike Abramsky of RBC Capital Markets surmised that the service could be closely tied with Apple's mobile devices and mobile phone accessories, enabling them to sync with personal computers without needing to tether to them, AppleInsider reports.

The iOS update, Abramsky suggested, could be built around iCloud. According to AppleInsider, Abramsky said iCloud could be used to allow iOS device users to stream content, share media and access a range of capabilities.

The iCloud announcement isn't likely to come as a surprise to many, as Apple has made several moves hinting at the development. Last month, it was reported that a company had purchased the domain name That company, presumably, was Apple.