We had been expecting this for quite sometime and now it seems we might actually be getting it. According to a new report today from Bloomberg Apple will launch a smaller iPad somewhere between 7-8 inches to compete with the ever growing threat of smaller less expensive tablets from Google and Microsoft.

A smaller iPad or an iPad mini has been in the talks for quite sometime, many reports previously indicated that Apple would launch a smaller iPad but now it seems we have a confirmation for the iPad mini or the smaller iPad whichever one you prefer calling.

Bloomberg cities the clichéd people with the knowledge of the plans that Apple is working on a smaller iPad in the face of growing competition from the new entrants in the market, Nexus and Kindle fire from Google and Amazon respectively.

The smaller iPad will be around 7-8 inches and won’t have the retina display which is featured on the new iPad 3.

The new model will have a screen that’s 7 inches to 8 inches diagonally, less than the current 9.7-inch version, said the people, who asked not to be identified because Apple hasn’t made its plans public. The product, which Apple may announce by October, won’t have the high-definition screen featured on the iPad that was released in March, one of the people said.

When Google introduced the Nexus tablet at a price of $199, Apple knew Google was trying to undermine the iPad but most notable the Kindle Fire from Amazon.

When Amazon introduced Kindle Fire it was trying to introduce a new product in the heavily Apple dominated tablet market. What it did was introduce at a price that would make it lose money, Kindle Fire was for $199.

A price penetration strategy was followed also by Google with Nexus 7, selling it at a price that would make it break-even or at a loss. What both Amazon and Google are trying to do is to undermine Apple or in more simple but realistic words, get a market share of what’s left by Apple.

Apple currently holds a whopping $66.4 billion of the tablet market share, that is around 61% of the total market share of tablets. Something that would worry almost anyone who thinks of entering tablet market.

The introduction of a iPad mini will be nightmare for Google and Amazon, especially Google as it has recently launched Nexus 7. Some are speculating that this leak of iPad mini, is a controlled leak by Apple telling many to “not buy Nexus 7 iPad mini is coming this fall”.

Whatever might be the case it seems we are finally going to get the mini iPad this fall. What do you think?

Stay tuned at Maypalo and follow us on Twitter or join our Facebook Fanpage to keep yourself updated on all the latest News!