Apple will release a mini iPad on Oct. 17, Fortune magazine reported on Tuesday. According to the report, the California-based company will hold an event to unveil the new gadget. Fortune expects it to hit showrooms on Nov. 2.
The device will likely be equipped with a 7.85-inch display, making it almost two inches smaller than the previous model.
The late Steve Jobs, Apple's co-founder, was against the idea of a smaller version of the iPad, but Apple has apparently decided to adapt to market trends. Recently, 7-inch tablet PCs such as Google's Nexus 7 and Amazon's Kindle Fire have been gaining popularity with their low prices of around $199.
The iPad accounted for a whopping 68 percent of the global market for tablet PCs in the second quarter of this year, and the industry expects Apple to further solidify its grip on the market when it rolls out the mini iPad.