Sony's Playstation 4 will finally hit the shelves next month, but the Japanese company already announced that a system update will be required on the day of the console's launch.

The 300MB 1.50 update patch will allow remote play and online multiplayer options, amongst several new features. Sony will also release a Playstation App on Nov. 13 which will enable a second screen.

The PS4 console will finally hit shelves in the U.S. and Canada on Nov. 15, 2013. With just over two weeks away till the launch, the pre-orders for the console have already surpassed millions. The consoles will be released in Europe, Australia and New Zealand on Nov. 29, 2013.

24 exclusive games are set to launch with the PS4 next month. Sony released a trailer last week boasting the exclusive 24 titles that will be available on launch day and that 180 more are being developed.

See a full list of the Playstation 5 launch titles here.

Likewise, Microsoft is also expected to release a system update on the day of the Xbox One launch.

Microsoft's Xbox One will go on sale on Nov. 22, a week after the PS4 launch. The console will debut simultaneously in 13 countries including the USA and UK.

If you are still mulling over which console to get for the holiday season this year, we've compiled the features of both Microsoft's Xbox One and Sony's Playstation 4.

Both consoles will be running on AMD's CPU – the x86 octa-core processor. The PS4 will use a x86-64 "Jaguar" CPU while the Xbox One will run on a modified eight-core processor.

Microsoft and Sony are both using AMD's graphic processors as well. The Xbox One's GPU will be integrated into the CPU in a system-on-a-chip design.

Sony's PS4 also uses the GPU integrated CPU.

Among the specs that the Japanese company announced for the PS4 was its 8GB GDDR4 RAM. This beats Microsoft, which revealed that it will be packing a 8GB RAM but only the DDR3 variant.

Both companies did not change much of their design for their controllers as consumers seem to have a preference over certain controllers.

The Dualshock 4 controller for the PS4 is slightly bigger than its predecessor with its touchpad and easier gripping.

The Xbox One's controller has only slightly been changed from the previous controller, which was already a success among gamers.

Both gaming companies have improved their motion sensors.