Speaking to MCV, the exec said that the reason the games industry is in a "depression" is because of a lack of new hardware.
"If we look at the industry's history we see that there are times when it is right to introduce new IP and times when it is harder," he said. "At this stage in the consoles' life cycles it is possible to do new IP, but it will be more attractive when new consoles come along.
"That's when consumers are more open to trying new things. As consoles get more mature it is the big established brands that soak up most of the sales."
Guillemot went on to say that hardware developers need to take advantage of the latest technology available and use it in an innovative way.
"As an industry we need innovation. Kinect, Move, 3DS, NGP - all these things will help," he added.
"Yes, the accessories and handhelds are really good, but I think it would be great for the industry to take advantage of technological advancements."
Sony is thought to be investing all of its resources in the PS3 and the upcoming NGP, while previous reports suggest that Microsoft will not release a successor to its Xbox 360 until at least 2015.
Analysts have speculated that Nintendo could announce a next generation Wii in the near future. Some have even claimed that it will be unveiled at this year's E3.
> Feature: Nintendo's Dilemma: Time for the Wii 2?