Readers may be familiar with devices otherwise known as "phablets." These gadgets are generally somewhere within the 5-inch range of sizes and act as an in-between device for smartphones and tablets.

Often, they come with cellular or 3G/4G data coverage alongside tablet functionality and apps, as well as with a stylus in some cases. People can use them either as tablets or smartphones all in one go.

However, despite their in-between nature and all-purpose functionality, many industry leaders have not been keen on embracing such a form factor (e.g., Apple) and the tablets in this size range really haven't taken off to the degree that larger tablets have. However, there is still a niche market for them and they may prove to represent the next revolution in tablet design.

Recent studies suggest standard tablet demand is not growing at as high a rate as it did in previous years when adoption was at an all-time high. More tablets are sold annually, but it isn't the same growth ratio as expected.

"Tablets are still growing, to be sure, with unit sales expected to reach 245 million this year, up 12 percent from the year-earlier period," says IDC. "But that's a whopping drop from the 52 percent growth in tablet demand in 2013."

IDC lists several reasons for this. One is that consumers are hanging onto their tablets longer and do not necessarily want an annual upgrade like they often do with their smartphones. Another reason deals specifically with the rise of the phablets as an alternative to tablets.

They "are causing many people to second-guess tablet purchases as the larger screens on these phones are often adequate for tasks once reserved for tablets," says IDC analyst Tom Mainelli.

IDC pointed out that the phablets' smartphone market share doubled from that of last year to 11 percent in the first quarter of this year. This shows the growth potential and rising demand that these devices have on consumers.

There is speculation that Apple may in fact even release its own phablet, which it will probably not refer to one as such, but call an iPhone with a wider screen or larger display. It isn't out of the question, considering no one really predicted that Apple would release the iPad Mini a couple of years ago, and the company has been experimenting with various screen sizes and form factors for its products.

One thing to keep in mind from IDC's report is that the company lists phablets as devices 5.5-inches and larger, at least that's what Mainelli said, but in reality, tablet sizes start at 7 inches.

So, one might say the best way to categorize what a phablet form factor consists of is devices within the 5-inch to 7-inch size range, since Dell released some of these phablets before the saying "phablet" became popular with its Streak lineup.