“Apple Inc. debuted an iPad with twice the memory of older models, offering users more space to store movies, videos and books amid mounting competition in the tablet market,” Lisa Rapaport and Scott Moritz report for Bloomberg.

“The new iPad with 128 gigabytes of storage will be available starting Feb. 5 priced at $799 for a Wi-Fi version and $929 for a device that also offers a cellular connection, Cupertino, California-based Apple said today in a statement,” Rapaport and Moritz report. “The latest iPad model comes as as Apple works to fend off challengers from Google Inc. and Samsung Electronics Co. in the market for tablets, which NPD DisplaySearch has estimated will more than double to $162 billion by 2017.”

Rapaport and Moritz report, “‘The tablet market is expanding, and Apple sees a market opportunity, not just at the low end but also in the high end with heavy media consumers,’ Tavis McCourt, an analyst at Raymond James & Associates, said in an interview… ‘This is Apple logic,’ he said. ‘When cheap netbooks were popular and taking over, Apple upgraded, rebranded, and raised the price of their MacBooks.’ Apple could apply this same high-end strategy to the iPhone with future models of the handset, McCourt said.”

Read more in the full article here.

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Apple announces iPad with Retina display featuring 128GB storage capacity, on sale February 5th – January 29, 2013