Sony and Microsoft are ahead of the race. Recent reports reveal both companies are already setting up for the release of the next-generation consoles PlayStation 5 and Xbox Two. While the development of the new systems could still be years away, the word around the community is that the latest hardware may hit the market before the end of the decade.

According to a report from Neurogadget, the video game industry could see PlayStation 5 and Xbox Two sooner than expected in 2019. While the previous models were in the scene for an extended seven years, the PlayStation 4 and Xbox One will likely be replaced much quicker because of the new technology and games that may not be supported by the current consoles.

AMD is on the same page as Sony and Microsoft, with plans of improving the performance of both consoles considerably. The new systems will likely be equipped with enough processiNg power to run video games at 4K resolution, which is something that's just not possible with the current PlayStation 4 and Xbox One.

This wouldn't be a problem with the consoles that are being developed. A report from Clapway emerged saying the processing unit that AMD is working on will be five times more efficient than the ones powering current gaming systems. Virtual reality will also be the main focus in the creation of PlayStation 5 and Xbox Two -- a technology that has not yet been perfected but could be developed in time for the new consoles.

The Xbox team recently just revealed the New Xbox One Experience, which included a lot of new innovations. Most notably is the backwards compatibility feature that allowed previous generation games to be playable in Xbox One.

The program allowed long-time Xbox players to play previously purchased Xbox 360 games on their new platforms, encouraging those who haven't made the switch to Xbox One to do so.

According to the report from Clapway, the backwards compatibility feature will likely be included in the upcoming consoles for both Sony and Microsoft upon the launch. This makes the transition to the new platforms easier for those who don't want to leave certain games behind, especially since the window of PlayStation 4 and Xbox One in the market is reportedly shorter than previous consoles.

Neither Sony nor Microsoft has confirmed the plans for the new platforms, but the community is already buzzing at the potential.

Are you looking forward to the PlayStation 5 and Xbox Two? What features would you like to see in these new generation consoles?