An industry analyst known for making accurate predictions has spoken about the potential release dates of the new PS5 and Xbox consoles. Apparently, the new consoles are expected to be revealed in E3 2020 and released in the following year. Here’s what we know about the predictions and the consoles so far.

According to GamingBolt, IDC analyst Lewis Ward said that there would be “modest hardware refreshes” for PS4 and Xbox One in 2019 that’ll be followed with “a slate of AAA exclusives.” With "Red Dead Redemption 2’s" release in 2018, "Kingdom Hearts 3" and other blockbuster AAA releases throughout in this console generation, Sony and Microsoft definitely have to have something bigger prepared than these games before this generation ends.

Additionally, Ward also noted that Sony and Microsoft will still stick with the traditional console design rather than follow the success of Nintendo’s shift into their “handheld console” hybrid design, Nintendo Switch. Back in the PS3-Xbox 360-Wii generation, both Sony and Microsoft released their own motion control peripherals to compete, but only managed a little success with their version. Currently, both Sony and Microsoft still have a strong console presence even without fancy peripherals which they can still carry over to the next generation of consoles.

As of now, Sony PS4’s lineup is still going strong. Even after "Kingdom Heart 3’s" release, fans can still wait for big exclusive games like "Last of Us 2" and "Final Fantasy 7 Remake."

Speaking of Square Enix remaking their most famous "Final Fantasy" entry yet, the length of its development has led to some fans worrying that it might be released as a next gen PS5 title instead if it takes too long. Meanwhile, Xbox One doesn’t seem too keen on having exclusives, but it has offered better graphics and backwards compatibility, which makes it hard to count them out of the competition.

Sony and Microsoft have yet to release any details or hints of development for the next generation consoles. However, many rumors have started calling the next gen consoles “PS5” from Sony and “Xbox Scarlett.” Their specs and opening line-up of games are not even known. For now, we can only wait for the Sony's and Microsoft's possible announcements regarding the PS5 and Xbox Scarlett.

Is it time to say goodbye to this console generation? Pictured: Andrew House, President and Group CEO of Sony Interactive Entertainment, speaks at the Sony unveiling of the new Playstation 4 and Playstation 4 Pro at the Playstation Theater, September 7, 2016 in New York. AFP/Getty Images/Bryan R. Smith