The 12-inch iPad Pro release date is set in late 2014, according to an analyst.

Evercore Partners analyst Patrick Wang said that Apple will "fundamentally change" the tablet market with the inception of 12-inch iPad Pro, which is the hybrid of tablet and laptop. Apple is reported to make use of the larger screen to come up with a hybrid between a tablet and traditional business-focussed laptops. Wang told AppleInsider that the forthcoming iPad Pro will come with "A8" processor and will arrive before the Christmas holiday sales later this year.

"Some believe the naming convention of the new iPad Air, borrowing from the MacBook Air, could signal that Apple plans to release a professional-grade iPad, akin to the MacBook Pro in its notebook lineup. A 12-inch display would put such a device in a class closer to Apple's 11.6-inch MacBook Air. To date, all full-size iPad models have had a 9.7-inch screen, while the iPad mini models have sported 7.9-inch displays," according to AppleInsider.

However, Apple's rival Samsung released a 12-inch tablet this month. This increases the pressure to Apple to release a tablet as soon as possible to even out the competition.

Wang also said that iPad Pro release will put the MacBook Air to rest. The 12-inch MacBook will be phased out due to the inception of a hybrid device that combines the portability of a tablet and the power of a laptop. In his note to investors, Mr Wang said that iPad Pro will pack the next-generation Apple A8 processor inside and will run with both the latest iOS and Mac OS X operating systems.

Meanwhile, rumours stated that iPad Pro will pack a screen panel with 4K resolution ditching the usual Retina screen display, which is beneficial to a very large screen. However, there were also reports that Apple is currently testing 2K and 4K displays and suggested that the iPad Pro will come in two variants with varying screens. Some reports stated that an iPad Pro with 2K display will be launched in May, while the iPad Pro with 4K screen resolution will arrive in October.