Tablet market to hit $35 billion

The tablet market will reach $35 billion in turnover during 2012, according to the latest estimates from banking group JP Morgan.

The firm has updated its prediction for 2011 tablet revenue from $24.9 billion to $26.1 billion, on 47.9 million units sold.

It has also upgraded its 2012 forecasts, predicting $35.2 billion in tablet sales for 2012 on 79.6 million units, up from a previous forecast of $34.1 billion.

The firm also expects laptops and notebooks to see sales drop as more consumers buy tablets instead of dedicated PCs.

“We expect tablets to have an increasingly negative impact on PC shipments,” JP Morgan analyst Mark Moskowitz wrote in a statement. “More than 35% of tablets sold in 2012 will be cannibalistic, particularly as relates to netbooks and notebooks.”