"The next wave crest isn't as high as the previous one," International Data Corp. research manager Lewis Ward told .

Ward estimated that a combined 250 million Xbox 360, PlayStation 3, and Wii units were sold between 2005 and 2012. Microsoft has confirmed . That leaves around 74 million for the PS3.

"I do think that consoles as a product category have peaked and the next-gen devices won't match those totals," Ward added.

Nintendo's Wii U is the only next generation console on the market thus far. It has struggled, selling since its launch last year.

Sony has confirmed that the .

Microsoft has invited media to its Redmond, Washington campus today where the company will . GameSpot is on-location at the event and will have details from the presentation as they become available.