Apple Is Expected to Unveil iPad 3 Next Week

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Apple is expected to announce the next generation iPad at an event next week in San Francisco.

The company sent out an email invitation to the media Tuesday saying it will make an announcement March 7.

The email stated "We have something you really need to see. And touch."

It is expected that the new ipad will have a larger screen, a faster processor and a better camera, said Ashok Kumar, an analyst for Maxim Group.

Although Apple will be releasing new products this year, competition is catching up, said Lance Ulanoff, editor-in-chief of Mashable.

"This is a critical time for the company because other companies are catching up. You know, iPhone set the stage but now Android is number one in the world," said Ulanoff. "The tablet space is if Apple sits still it's in trouble, but Apple has made few missteps in the last decade. So unless the iPhone 5, the iPad 3 and the iTV are flops, I still think the trajectory for Apple is up."