Octopath Traveler was a huge success for Square Enix, which means that we will be getting a prequel to the game on mobile phones and a sequel on consoles in the future.
Octopath Traveler: Conquerers of the Continent (name translated from Japanese) is a smartphone game that has been announced for Japan and is due to be released in 2019. According to Forbes, the new Octopath Traveler will be a prequel that is set several years before the events of the first game and will include the original cast. The smartphone game will allow you to control eight characters in battle at the same time and will come with in-app purchases for items.
The fans of the original game who are craving a sequel to Octopath Traveler should not despair, as the official Japanese Twitter account for the game has revealed that another game in the series is in development for consoles, though it may take a while before it's released.
Octopath Traveler was a surprise hit for both the Nintendo Switch and Square Enix, to the point where there were shortages of the physical version of the game, causing the price of second-hand copies to go up. The success of Octopath Traveler convinced Square Enix to dedicate more resources to the Nintendo Switch, while also proving that there was still a market for retro JRPGs.
The creators of Octapath Traveler hinted that the next game they were working on was a new entry in the Bravely Default series (or a remaster of the first two games), so it's a surprise to learn that more Octopath Traveler content is coming so soon. It's possible that the positive response to Octopath Traveler may lead to Square Enix creating more games in the HD 2.5D style, which would be an incredible way to remake titles such as Chrono Trigger and the older games in the Dragon Quest and Final Fantasy series.
It remains to be seen whether Octopath Traveler: Champions of the Continent will be localized and receive an English translation, but the Japanese version of the game is due to be released in 2019.