Worldwide PS4 sales will reach 37.7 million units by the end of 2016, Wedbush analyst Michael Pachter has forecast.
During the same period, Pachter expects Xbox One sales to total 29 million units.
The analyst said in a research note sent to investors on Thursday: "We expect Sony's and Microsoft's new consoles to thrive over the next three years, with cumulative worldwide sales of 37.7 million PS4 and 29 million Xbox One consoles by year-end 2016. We do not expect Nintendo's Wii U to fare as well, with cumulative sales of under 20 million by 2016."
In November, IHS head of games research Piers Harding-Rolls forecast that PS4 sales will comfortably outpace Xbox One sales over the next four years. The analyst anticipates 49 million PS4 sales by the end of 2017, compared to 38 million Xbox One sales.
Harding-Rolls said: "IHS believes that Sony's wider geographical brand allegiance - especially across continental Europe and Japan - will be decisive in allowing PS4 to outsell Xbox One on a global basis by the end of 2017."
Having launched in November 2012, global Wii U sales totalled 3.91 million units as of September 30, 2013.