Neil Cybart at Above Avalon:
The iPad was introduced five years ago when iPhones were smaller and MacBooks were larger. Apple was able to market the iPad's larger screen as a reason to not only own a smartphone and PC, but also a tablet. In the past, Apple positioned products in separate silos geared for a particular buyer. Apple has begun taking a new direction where each device is merely a piece of the bigger puzzle in which a customer chooses products based on their personality and lifestyle. The change has significant implications not only for iPad, but also for how Apple looks at future product iterations, including wearables. The iPad was crowned the future of computing. In reality, iOS is the future of computing. The iPad is now positioned to take a supporting role to iPhone as Apple expands the iOS ecosystem.
iPad sales are definitely slowing with market saturation, longer upgrade cycles and canabalization from larger iPhones and smaller MacBooks.
Neil does a great job of analyzing how the iPad fits into today's technology landscape (rather than that of 2010) while also taking into account possible effects of the smaller screen of the Apple Watch and the larger screen of the rumored iPad Pro.
Much like Neil, I believe the iPad has a place in our lives as a complimentary device that will fulfill a personal use case for individual users. When looking at the iPhone's performance, the iPad's sales going forward will pale in comparison. But that's ok — inherently the device won't be for everyone but for some people it will be the perfect computing device.
Source: Above Avalon