Even before the release of Apple's iPhone 6S, there have already been rumors about the possible arrival of a new handset model with a 4-inch screen.

And now, based on a poll conducted by an investment firm, it seems Apple might proceed developing its smallest smartphone yet since there is apparently a demand for it.

Since rumors have been flying around about a 4-inch handset, which is dubbed as the iPhone 6C, investment company Piper Jaffray went out to see what smartphone size consumers would like to see by conducting a poll, App Advice reported.

According to the firm's findings, majority or 31.2 percent of the participants said that they still prefer a 4.7-inch smartphone, which is the size of the iPhone 6S. 27.2 percent said they would like to see handsets bigger than the iPhone 6S Plus, or something larger than 5.5 inches.

On the other hand, 21.2 percent noted that Apple should come up with a display size other than 4, 4.7 and 5.5 inches. As for the remaining respondents, around 20 percent said that they would like to own a 4-inch smartphone.

Given that there is a relatively decent demand for a 4-inch handset, Apple might follow the growing trend and proceed with a smaller-sized smartphone. However, for analyst Gene Munster, this trend could still change if those in the 4-inch group get the chance to own a bigger device.

"We believe that part of the reason that over 20 percent of smartphone users still say they prefer a 4" screen size is they still have older model iPhones," he stated according to Apple Insider. "When they upgrade to a 4.7" screen with an only slightly bigger footprint in their pocket, we expect those users would be converts to the larger screen size."

Munster then noted that if Apple does decide to release a 4-inch iPhone 6C, then it would serve as the official replacement of 2013's iPhone 5S, which also features the same screen size.

Also, if it launches, Apple will probably not schedule a special event just for the device. Instead, it will probably be unveiled along with a more significant product for the company and consumers such as the highly rumored iPhone 7 or the next iteration of Apple's smartwatch.

"If a 6C does launch, it seems more likely to come out with the iPhone 7 in fall 2016 rather than early 2016," Munster said. "Further, we believe a smaller iPhone would not seem to have enough clout to carry a special event by itself, thus if it were to launch in early 2016, we believe it would have to happen in conjunction with the new Apple Watch, as it seems to be the spring event moving forward."