Microsoft has unveiled the next generation of its Windows operating system ‘Windows 8’ designed to run on tablet devices, desktops and laptop devices.

The company showed off the latest OS, slated to be released in 2012, at the Build developers’ conference in California.

The new software will work on ARM-designed low power processors for the first time, said Microsoft. The compatibility of the software with with processors designed by ARM holdings is seen as a major innovation. Most of Windows devices run on Intel or Intel-compatible processors till date.

The company also said that the new OS will have two interfaces, one for the traditional desktop, and another, called Metro, for the tablet devices.

Microsoft added that the company will soon have its Windows Store to sell downloadable applications.

The company faces growing competition in the tablet OS segment from both Apple and Google’s Android, which lead the market.

Earlier, the company said that Windows 8 boasts of many improved features including a two-seconds boot up time. The company also claims that Windows 8 "reimagines" Windows for the new generation of computing devices.

Windows division president Steven Sinofsky told the conference: "We re-imagined Windows. From the chipset to the user experience."

Earlier, Sinofsky had said that the comapny is committed to running the software and supporting the hardware that is compatible with over 400 million Windows 7 licenses already sold and all the Windows 7 yet to be sold.