Apple will be releasing the next generation iPad Air and iPad Mini sometime in the late third quarter of 2014, according to a number of industry experts.

Leaks from various websites reveal that Apple is already in the process of integrating Touch ID fingerprint scanners for both the next generation iPad models. Below is a summary of what fans need to know about the upcoming Apple products as well as expectations from the iPad user community.

iPad Air 2: Faster, lighter with enhanced features

According to Apple Insider, the Touch ID fingerprint scanner, which was first introduced with the iPhone 5S, will be available on the upcoming iPad Air 2. The innovation of the Touch ID has proven to be one of the most useful because it is not only convenient for various functions but also improves security when accessing certain programs and purchasing via the iTunes Store.

Analyst Ming-chi Kuo revealed that the second generation iPad Air will also feature an 8 megapixel rear camera upgraded with electronic image stabilization capability.

Reports by MacRumors say that the Cupertino-based tech giant will be using A8 chip processor - faster than its predecessor, A7.

Another notable characteristic of the iPad Air 2 is that it will evolve to be a lighter and more compact model. Apple is likely to release it towards the end of September or October 2014 in time for the splurge of shoppers during the Christmas season.

Watch more news updates on the iPad Air 2 and other Apples products on the video below:

iPad Mini 3: Tinier but with less room for external storage?

The current iPad Mini with Retina Display (iPad Mini 2) is dubbed as the best-selling tablet to date. Weighing only 0.73 pounds, the iPad Mini 2 is a surprising treat for fans due to its ability to perform programs with ease as well as being super portable. Apple is now preparing the third generation iPad Mini which is rumored to be released towards the latter part of the year, according to various sources.

Contrary to that though, KGI analyst Kuo said that iPad Mini 3 will most likely be unveiled early 2015 to make way for the promotion and sales of the upcoming iPad Air 2. Aside from the Retina Display, rumors predict that the iPad Mini 3 will also feature the popular Touch ID fingerprint scanner.

Tech Radar lists a number of features Apple could use to ensure the next version of the iPad Mini is a sure hit for its target market. Among the proposed features is an external memory card slot to expand the default 16GB flash storage, additional iCloud storage for every Apple account, longer battery life, maximized exterior design, and an enhanced camera better than the 5 megapixel found in iPad Mini 2.

As for the price, MacWorld UK predicts that iPad Mini 3 will start selling at $540 for the Retina Display version with Wi-Fi and $710 for units with added 3G capability.

If you are looking to buy an iPad Mini 3 as soon as it hits the market, check out what Trusted Reviews has to say about the current iPad Mini 2 HERE.