The Xbox One won't ever take majority market share in the console market, but that doesn't mean that the brand can't live on.
Speaking to The Verge, Xbox Head Phil Spencer shared that a successor to the Xbox One is very likely in the cards. He said:
Microsoft has taken huge strides during the past two and a half years since the Xbox One's announcement. It has routinely delivered thoughtful software updates, including this season's quicker and more intuitive dashboard. It has a remarkably strong first-party library, with multiplayer games backed by the reliable Xbox Live. It also has introduced the best backward compatibility we've seen in the past decade at no cost.
Despite strong anti-Microsoft campaigns, the console has managed to outsell the Xbox 360 on a year-by-year basis.
All signs points toward a new console generation beginning next year with Nintendo's NX hitting the market, but it'll probably be a few more years before we see a new Xbox and PlayStation.