When it comes to further improving Internet Explorer, Microsoft has a problem on its hands as some of the original code is now 20 years old (and based on one of the very first graphical browsers, Spyglass Mosaic). The solution: develop a completely new browser from the ground up. This new browser has been available to Windows 10 testers for several months now and referred to as 'Project Spartan'. But now it has a proper name: the new browser will be called 'Edge'.
It appears that Edge will only be available for devices running Windows 10, which at the time of writing is still (at least) several months away. However, Microsoft are talking of maybe a billion devices (computers, tablets, smartphones) running Windows 10 in the not so distant future, so there will be a lot of people using it. Internet Explorer 11 will continue for older versions of Windows, and indeed is also available on Windows 10 as an alternative. Whether this will be enough to halt the growth of Chrome and Firefox remains to be seen.