The current CEO of Epic Games and creator of the first Unreal Engine, Tim Sweeney, hints or implies the dominance of console market in the industry has around 6-8 years or at least 1 more major generation of consoles left. Afterwards he implied the mobile market will be able to match and surpass the capabilities of consoles and become the new dominate market in the industry.
He feels the future of the industry might be following Apple's way once the mobile market claims dominance. This would mean a lot quicker advancements and "generations" replacing the slower life cycles of consoles.
He also feels web browsers in devices will become a new standard in gaming and touted how even the Unreal Engine 3 was able to be modified to work on current web browsers.
Epic Games in previous reports hinted unless the next generation of consoles placed as their top priority "bleeding edge" technology, the company might be providing a lot more support towards mobile devices.