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Is the tablet market cooling off?

The technology world moves fast. Devices come and go and so do consumer preferences.

There's no denying the tablet market has grown amazingly fast, but according to Andy Hargreaves, senior analyst at Pacific Crest Securities, it also seems to be slowing fast. Total tablet demand fell to the lowest level in two years, according to Pacific Crest.

"I think there's a real question about how big the (total addressable market) is when it is still the third device for most people after the PC and smartphone," said Hargreaves.

Pacific Crest lowered its overall 2013 tablet shipment forecast to roughly 151 million units from a previous estimate of 169 units—the bulk of the reduction is from Apple.

—By CNBC's Christina Medici Scolaro.

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