In my opinion the future will be something like this:
- PC will continue to grow, slowly but surely. No matter if the Steam boxes succeed or not. Steam controller will be a flop, anyway.
- Sales for PS4/XO will be OK but not great. PS2 times are over. These systems will last less than the previous generation, and who knows if there will be another next gen. PS Vita will surely be Sony last handheld.
- Nintendo will survive and maybe even do well. Who knows that they will do in a few years. Unlike MS or Sony they can not just "quit" the console war.
- Phones and tablets will continue dumbing down games for years to come.
- Android gamepads will disappear, eventually. They will be substituted by Windows gamepads. As soon as the first cheap W8 handheld is released, there will be lots of android clearances.
- Oculus and other VR headsets will fail miserably. The case will probably even worse than 3D TVs. Everybody will try it at the mall and have fun for 3 minutes. But nobody will buy it. Just wait.
- Google glasses will have some applications in videogames. HUD integration and crap like that.
- Gaming physical stores will disappear in 5 years time max. As per today, other than ebay retro sellers, they are unneccessary. Eventually MS or Sony will lower digital prices and they will vanish within months.
- The graphic improvement will come to a halt in 5 years max. After that, technology will become cheaper, accessible for users and indies. EA, Ubisoft and other big companies will face difficult times. When this happens, the money will be made by game creators, not by CEOs, and the gaming industry will become more like the movie industry. Lame people still go to watch the last Spielberg's movie, but I don't think anybody goes to watch the last Warner Bros's movie. The same will happen with game directors and studios.
- Eventually we will grow old (if we are lucky that is), older games will not be emulated for newer OS, because new developers will lack motivation. Emulators will be emulated. Old games will be forgotten, only some kept at museums, with a layer of dust on top.