Yes it is possible they will lose in the future and according to VGChartz they lost this generation as well. Nintendo won the battle for North America. Nintendo sold about 8-million more Wii's then Microsoft sold 360's. The idea that Microsoft won a single year this generation as indication they've won and may never lose again lol.
Microsoft will lose again whether it be next year or the entirety of next gen, Or the generation after it. Microsoft is great and they have a clear advantage in North America but they do not own it by a long shot. Also if Apple joins the industry which many industry analysts suggest will happen they could effectively challenge Microsoft's home field advantage.
Say Apple purchased a games publisher or built 6-8 internal studios to make first party games. Then decided to do things differently then their competitor focusing on content Microsoft doesn't already provide. Apple could definitely challenge Microsoft's grip.
Though in all honesty North America has been the major battleground for generations. Nintendo and Sony have nothing to fear in Japan but each other and while Japan used to be the main battleground with all three major competitors competing and Atari really picking up the scraps in NA> Right now the battle is in NA because that is where Microsoft is and that is where Nintendo and Sony stand to lose most.
I don't think given how important the North American market is to every game publisher and hardware manufacturer that any one company will dominate the market for ever. In fact dominating more then two generations in a row would be a massive feet!