Steve Jobs, founder of Apple, launched the iPad about six years ago, amidst much fanfare. The device was the biggest thing then. But recent news paints a bleak future for the iPad. Its sales have been continuously plummeting.

Apple revealed that over Christmas, iPad sales have plunged by a shocking 25 percent. The total number of units sold over the holidays was down to its lowest level in five years. It was only in 2011, when the device was still relatively new, did it suffer this dismal sales figure.

Two years ago, when the product is at its peak, total sales over the holidays were 26 million units. Current sales, the company revealed, is only 16.1 million. Retail outlets are selling iPads at great discounts, apparently because a majority of consumers are not buying.

But it seems Apple Inc. is not taking this bad news sitting down. A report from Macworld revealed that the company is planning to release the iPad mini 5, in March 2016 but no exact date yet.

Its predecessor, the iPad mini 4 was launched in September, 2015, with updated specs and considerable changes over the previous model. There are rumors though that this new iPad mini 5 will be thinner than its predecessor.

It seems that the main reason for the slump in iPad sales is the growing popularity of 'phablets' or oversized tablets. The iPhone 6s and the 6s plus are the best examples of this.

In practice, the tech giant is not shy in killing of its products: the iPhone led to the phase out of the iPod. But it's part of the innovation big companies always do to stay on top.

The greater danger though for Apple Inc. is saturation. The world is approaching the time when smartphones are becoming as commonplace as digital watches.