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The 12-inch iPad is real, in the opinion of Evercore’s Patrick Wang, and it’s going to hit the market sometime this fall. The analyst published a research note yesterday claiming that his supply chain sources have confirmed the existence of the larger tablet.

According to Wang’s sources, Apple is looking to launch the 12-inch iPad in the second half of this year. The “hybrid” device will be targeted at enterprise users and likely feature a new (possibly quad-core) A8 processor, increased storage and other upgrades…

Here’s an excerpt from the research note (via MacRumors):

“Arriving in fall ‘14, Apple goes Enterprise with an 12” iPad. Powered by the A8 chip (perhaps 4C), this expands ARM’s reach and, once again, transforms the traditional notebook market as we know it. Expect a 2-1 hybrid – think iPad + MBA – similar to how most iPads are used in the workplace and in the same spirit of MSFT’s Surface.”

The analyst says he foresees two major hurdles for a ‘pro iPad’ trying to make inroads into the enterprise space. The first is storage. As Wang points out, the current iPad maxes out at 128GB capacity. And the second is the iPad’s lack of full Microsoft Office support.

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While I find it hard to believe that Apple is building a Surface competitor—since Tim Cook himself has publicly lambasted the idea—we have seen several reports that it’s working on a larger iPad. And who could forget about those Surface-style iPad keyboard rumors.

In reality, the truth is that there’s no telling what Apple is going to release this year. All we know is that, from what Cook has said, 2014 is going to bring about new products for the company. But whether that’s a larger iPad, iPhone or an iWatch, we just don’t know yet.

What do you make of all of this? Will we see a larger iPad this year?

Concept images by CiccareseDesign