You already see more and more games use licensed engines, and eventually the power of the platforms we deal with will intersect with rising quality of low cost or free engines at point where most people can start with an existing low cost engine and compete technically.
We started with a situation where off-the-shelf game engines was unthinkable, because game engines were optimized for a specific gameplay and intertwined with the game logic, but already there's a huge market for games made on licensed engines (and as far back as the 80's you had the first attempts at making "game maker" programs that used off the shelf engines and tools to cut the effort of making games)
Similarly on the art side you can expect to see more and more advanced tools that take away technical complexity of working on the art and return the focus to the art process itself and even simplify that.
E.g. consider a hypothetical tool where an artist creating a new character can pick from a catalogue of hundreds of pre-made skeletal structures, choose characteristics of the muscles and size, movement characteristics etc., pick from pre-made physical characteristics as a starting point for alterations, pick from catalogues of clothes, hair, eyes and so on - even other parts like the voice of the character, and have the software fill in the rest in terms of animation and other aspects.
Imagine a cottage industry of artists that design catalogue items for tools like this - you can already license tons of ready-made 3D models, after all, as well as specialized software for things like creating landscapes, plants, trees and a bunch of other 3D structures.
Of course none of this would remove the need for developers or artists, but it will free them to focus on game play and the actual art rather than how to work around technical limitations, and it becomes a massive leveller for smaller teams if you can start with an off the shelf engine, and populate your game with a bunch off catalogue item characters and then customize rather than having to start from scratch.
Incidentally a lot of these changes will eventually benefit independent movies as well in terms of making advanced CGI and postprocessing cheaper and more accessible.