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Apple's iPad 3 is likely to be launched in March, Bloomberg has reported, citing three persons familiar with the product.

It has been reported that the new device will have a high-definition screen and a faster processor and will support the next-generation wireless networks. The new display is capable of greater resolution than the current iPad.

The new iPad is being assembled by Foxconn Technology Group in Asia and mass production started this month. Production is expected to reach full volumes by February, according to the report. Foxconn Technology Group is Apple's main manufacturing partner in Asia.

iPad 3 will also be compatible with a wireless standard called long-term evolution, or LTE, which is considered by industry experts as the fastest data network yet. Apple is going to use LTE in the iPad ahead of the iPhone because the tablet has a bigger battery and can better support the power requirements of the newer technology as per the report.

The iPad has emerged as the company's second-biggest source of revenue following the iPhone. The introduction of the new iPad will be Apple's first major hardware release since the death of company co-founder Steve Jobs in October.