The rebranding is a part of its upcoming Windows 10 software overhaul. Internet Explorer will still be available, but the new browser, which goes by the tentative code name Project Spartan, will become the default browser for Windows 10 users, according to a Microsoft representative.
Introducing a new browser brand is almost a necessity for Microsoft, S&P Capital IQ analyst Angelo Zino said in an interview Tuesday with CNBC.
Users have turned to Google's Chrome browser and Mozilla Firefox in recent years, forcing Internet Explorer from an 80 percent market share in 2007 to about a 30 percent share now, Zino said.
The drastic shift to the mobile Web drove users away from Internet Explorer, Zino added.
"What it tells us is that [Microsoft] essentially failed in their expansion efforts within mobility," Zino said.