Apple, Inc. has announced it will have a special event on October 23. The tech giant is expected to unveil its mini version of the hugely popular iPad. The smaller version of the iPad has been dubbed the “mini” by media outlets around the world. The device is expected to compete with similar sized computer tablets made by rivals Amazon.com and Google.

Wall Street analysts have been saying for months that Apple was in the midst of developing a smaller and less costly version of its iPad to attempt to gain market share in the cheaper tablet sector. A number of economists believe the smaller iPad would hurt the margins for the company but on the other hand will stop its bigger rivals from being dominating forces in the tablet sector, which is becoming increasingly bigger and bigger.

A spokesperson for Apple refused to comment on the agenda for the upcoming event or what products would be unveiled or discussed. An online site said on Friday that the mini iPad was going to be launched at the upcoming October 23 event. The screen is said to be 7 to 8 inches in size.

If the mini iPad is a reality, then it will be direct competition for Amazon’s Kindle Fire and Google’s Nexus 7. The two devices also have screens that are between 7 and 8 inches in size with a retail price of $199. In 2011, Amazon released the first Kindle and it quickly garnered 20% of the tablet markets in the United States.

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