PS4 is still the largest selling gaming console of today and has already crossed Xbox One in the number of sales.
Recent updates around the world made it very clear that behind the doors of the labs, the Japanese have been working on the PlayStation 5 for sure.
Let us take a look at what rumors have been circulated over the internet.
The last time Playstation was upgraded from PS3 to PS4, it took Sony almost seven years to do so.
However, this time they have to take lesser time than usual because they are in stiff competition with Xbox One and this console is going to get an upgrade soon.
The average timeline for any company to come up with a device varies between one to two years and Sony would have to bring their timeline down to this level.
They cannot afford to keep their users for so long, or they would miss their users when the PS4 users move to the Xbox Two.
Along these lines there have been sources that have said that the PlayStation 5 would be launched sometime around 2017 and that they will be able to stream 4K games smoothly.
However Sony has not confirmed anything of this sort. Some sources that have a more logical approach towards things have stated that it would not be easy to see a PS4 successor so easily, as there would be a lot of time taking decision making to be done within various departments of Sony after which these changes can be made.
They would have to frame plans of how cloud gaming could work and manage user accounts better at the same time.
Extra powerful cloud servers would have to be put into place before the PS5 is rolled out in the market for a sale.
As for the design, the device is going to look extremely futuristic.
There has been stress on the fact that an AMD processor of a very powerful grade might be in use and project Morpheus can be added to the PS5, adding to the VR capacities of the console.
Removal of the optical drive has also been contemplated but the market has proved that the CD gaming culture is still very popular, so Sony might not so away with it completely.
Of course, it will have to give users access to 4K gaming.
This would be a good move because by 2017 or 2020 between which this console is expected to be seen, 4K streaming will become extremely popular.
Games would be much cheaper this way as no physical drive would have to be provided and developers will save costs.