Eight years after having rolled out its last version of the popular Xbox 360 gaming console, Microsoft is now set to unveil the much-anticipated new Xbox version on Tuesday, May 22, at a launch event to be held at the company’s Redmond, Washington headquarters.

The forthcoming introduction of the next-generation Xbox gaming console by Microsoft underscores the company’s ongoing attempts to grab a bigger share of the global computer gaming industry, which currently is a $65 billion-a-year industry.

With the small Xbox console expected to face stiff competition from the Sony PlayStation 4 and the Nintendo Wii U consoles, industry-watchers are speculating that Microsoft will apparently bring a lot of improvements aboard the new Xbox, which will probably boast closer integration with the TV, and link-up with mobile devices for allowing the gamers to gain access to new and exclusive content.

Meanwhile, even though the gamers’ steady shift towards online play is a clear indication that the attraction of console games is on the wane, Microsoft is hopeful that its new Xbox will eventually cross the bridge to the mainstream, and emerge as an entertainment center for the family.

Commenting on the huge expectations from the next-generation Xbox console, Ryan McCaffrey - executive editor at entertainment website IGN.com – said: "The entire Xbox experiment from Microsoft was for it to be the center piece of your living room."