This time last year, Apple’s share of the tablet market was still in a dominant position. Even though Android was technically higher in terms of tablet OS use — 51% to 47%, respectively — the split of Google’s platform among all the OEMs can help make iOS more appealing to developers.

Unfortunately, a lack of innovation and release of new products has changed that argument tremendously.

With a 14% decline in iPad shipments this past quarter, Apple now only owns 28% of the share of the tablet market.

Many are pointing to the lack of a new version of both the 10-inch and 7-inch iPads as the main reason for such a steep decrease in sales. With more recent releases from Samsung and Google, in addition to the Windows offerings, the competition has more than caught up to Cupertino.

Earlier this year, I read projections by many industry experts reporting that Apple’s lead in the tablet market will remain for much longer. Of course, those reports weren’t counting on Apple standing pat for this long. Some are now opining there won’t be an update to the iPad Mini in 2013 period.

That sound you hear is the continued drop in Apple’s stock price.

I still have hope in the fall announcement that Tim Cook promises will be ground-breaking. Who knows what it will include, but if it’s anything like last September’s it should be a doozy.

One could argue that it may not be enough, in time. We shall see.

Blog Post: How Concerned Should Apple Be Over iPad Market Share?

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