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The games industry ‘will only have room for one non-Nintendo console next gen’, it’s claimed | VGC
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Xbox would be the one to fall out. Mainly because Microsoft prioritizes software and service over major hardware gains. Their console is mostly a complementary device for users to access their services so this not necessarily a bad thing. With most of their games no longer exclusive this makes the most sense.
Overall Sony and Nintendo will face stiff competition from PC and it's handheld markets as they are the best value platforms albeit with a major upfront cost. Nintendo will remain popular enough due to its widely attractive exclusive games and it's the device that is perceived best for kids. Playstation will remain the go-to platform for people who want a quick plug and play platform and not deal with the "fuss" of PC. The PS5 Pro was their trial attempt at making something more powerful for that crowd.