The minute you buy a smart phone, it’s out of date. That’s probably true of most consumer electronic products. Yet smart phones are the most vulnerable to obsolescence since their technology changes much more rapidly. So, you most likely will need to update yours soon. Find the end date on your two-year contract, and start drafting your shopping list. Here’s what you should look for in your next phone.

1. LTE Capability

Chances are you don’t have Long-Term Evolution (LTE) yet, the so-called 4G radio technology that supports faster downloads and a more reliable connection. AT&T and Verizon already have extensive LTE networks, so you should be able to enjoy higher speeds as you watch video. Even smaller carriers like MetroPCS and US Cellular have LTE now. Sprint is working on it. But watch out for those data plan options, which can be expensive. While there are some LTE phones now, more are on the way so you will have some excellent choices. Apple’s next iPhone will probably have LTE.

2. A Larger Screen

Display sizes have been slowly increasing as the common 3.5-inch screen of the iPhone is giving way to many screens that are more than 4 inches. Samsung’s Galaxy Note phones have a whopping 5.3-inch screen. Your next phone will have a screen that’s 4 inches or larger. Apple’s iPhone5 probably will have a screen that big. Some of these screens use organic LED (OLED) or active-matrix OLED (AMOLED) technology, so the resolution, brightness, and contrast are exceptional.

3. Near-Field Communications

Near-field communications (NFC) short-range wireless technology is designed to let you pay for merchandise and other things with a tap or wave of your phone near a payment terminal. NFC has been around for years, but the payment systems are now becoming available. Only a few phones incorporate this feature, but most new smart-phone models will have it. This is a great feature for purchases, property access, transportation, and other ID and payment needs. Look for NFC to be your digital wallet as its adoption and use grow this year and next.

4. Over-The-Air Television

You can get video with your smart phone now, but it’s by way of the network or Wi-Fi. Over-the-air (OTA) TV is on the horizon. Handset manufacturers are considering building in HDTV receiver chips so you can watch all of your local TV channels. Not all models will have it, but if it’s something you would like, it will soon be available.

5. A New Operating System

Google’s Android operating system (OS) dominates smart phones, with Apple’s iOS in second place. But Microsoft’s Windows 7.5 Mobile OS is here and looks pretty good. Reviews have been excellent. You may be seduced by its unique look and feel in new models by Nokia (Lumina 700 and 900) and others. Check it out.

6. Bigger Batteries

The new LTE phones are real power hogs. The LTE system has the phone constantly looking for an LTE basestation, and that eats power. So do all the other features you like. The screen takes the most power, though the new LTE capability really saps the battery. Wi-Fi, Bluetooth, and GPS also eat power even if they aren’t being used. Most LTE smart-phone owners complain that they can’t get through the day without charging. Four to six hours is tops in the original LTE phones. Some new smart phones like Motorola’s Droid Razr have larger batteries to extend their life (see the figure). These phones are a bit larger and heavier, but you probably won’t mind as long as you can stream HD video over LTE at the same brightness levels.

7. Wireless Charging

More and more handset manufacturers are considering built-in circuitry for wireless charging. Most of these phones use inductive coupling, but Murata’s capacitive coupling is more flexible (see “Mobile Devices Draw The Crowds At 2012 International CES”). With more features and higher speeds, most smart phones will have shorter battery life and will need recharging more often. Wireless charging will help.

Making Your Choice

Most smart phones have the same or comparable features. It’s hard to differentiate between them. They’re practically interchangeable. Yet these new features will help handset providers distinguish themselves from each another. The biggest difference, though, may be in the service provider you choose. Still, a standout feature can help sway you.