When the iPad was first introduced to the world, we were so amazed at how revolutionary it was we never thought anything else could beat it. It turns out that the iPad just might have met its match—the Amazon Kindle Fire.

To be released on November 16, the Amazon Kindle Fire is proving to be a tough contender when paired up with other up-and-coming tablets in the market under the $200 budget such as the Nook Tablet, but to have the Amazon Kindle Fire lure potential iPad buyers off the Apple ship is not an easy feat.

Recent research, however, provides proof of this. RBC Capital Markets and ChangeWave Research have conducted surveys indicating that potential iPad buyers are now putting their iPad orders on hold. This is true for 26% of the individuals surveyed who already pre-ordered the Kindle Fire or have indicated a strong interest in purchasing the tablet.

Initial sales figures for the Kindle Fire also are looking good, with 5% of registered users saying they have already placed their pre-orders or will be rushing to get a hold of the tablet on release day.

The figures reflecting the demand for the Kindle Fire are 1% higher than predicted figures for the iPad, back when it was first launched in February, 2010. This may be attributed to the initial ridicule and consumer hesitation that met the iPad upon its unveiling, but it sure has paved the way for tablets to gain a significant following in the consumer electronics market.

While this development might translate to a considerable chunk being taken off of Apple’s comfortable share in the tablet market, Apple reportedly remains unfazed by the Kindle Fire’s entry, saying that the arrival of another Android-based tablet that is customized and ready for integration into Amazon’s services will divide the platform up even more and even work to Apple’s advantage by drawing more users towards the stability of the iOS ecosystem.

Curious about all the excitement that the Amazon Kindle Fire is stirring up? Take a quick look at its features.  Would you rather have the Amazon Kindle Fire or the iPad?