I think MS will continue with their store and GP but not as a console maker, but as a 3rd party publisher in the console side.
I think there will be crossplatform stores (buy a game and play it PC, smartphones, tablets, smart tvs and in case of Sony and Nintendo, their own consoles with cross-buy, cross-play and cross-save) from Sony, Nintendo, MS, Epic, Valve, Apple, Google and Tencent.
With smartphones and tablets becoming relatively as powerful as consoles, most traditional console IPs will also release on iOS, Google Play etc, playable in phones, tablets or tvs with gamepads. Some popular mobile IPs will be also available on console and PC.
If you get one of their subs -PS+ will continue as market leader- you'll be able to play via cloud gaming (cloud gaming will continue being less than 10% of the gaming revenue) the games rented there, or the digital ones you bought in that platforms. I think game subs will generate around 20-25% of the gaming revenue.
I think physical editions of new games will continue decreasing to almost die: there will be only for special or collector editions and won't include discs.
VR and AR will only need normal glasses-like visors, no headsets or controllers required. Will be controlled with intuitive hand/arm gestures and/or voice commands, controlled by mics and cameras in the glasses. VR/AR will become way more popular than now but will continue being sort of a niche, around 10-15% of the gaming revenue. There will be many popular IPs there.
That console generation will the the first one with proper a modern VR bet on Nintendo's side, which will compete mainly against PSVR4 (market leader), Apple and Google glasses plus some Indian ones.
Non GaaS SP games will continue being a thing, but will represent a fairly smaller market portion than now. Thanks to the blockchain there will be a secure 2nd hand market of digital games, DLCs, in-game items like unwanted loot, user generated in-game items (there will be very complete editors or crafting) or even user accounts.
Over half of the big publishers and AAA/AA dev studios we know today will be acquired, but other new AAA dev studios and publishers will keep appearing.