07/04/2018 – Venhow's Blog

TFS is not itself comparable with Git. Rather we’d be comparing TFS/VSTS with something like GitHub, or TFVC with Git.

Here’s a few definitions before we begin; if you’re already familiar with the above acronyms / names, feel free to skip over this part:

TFS = Team Foundation Server; a product which offers version control, work item management, automated build tools, project management tools, etc.
TFVC = Team Foundation Version Control. This is the source control engine used by Team Foundation Server (or rather, it’s one of the engines used; as since TFS 2013, TFS also supports Git). It is considered a centralised version control system, in that the master copy of the code is held on the server, with developers connecting to that server to sync their copy of the code with that of other developers.
Git = A source control engine used by various source control solutions, most famously GitHub and GitLab; but also used by TFS.
GitHub = A product which offers version control, work item management, wikis, etc. GitHub uses Git as its version control engine/protocol.
VSTS = Visual Studio Team Services. This is an online Software as a Service (SaaS) version of TFS. The feature set of this online offering differs slightly from the self-hosted TFS option; but this version’s features are rapidly growing as companies move towards SaaS offerings.
VCS – Version Control System. A generic term to describe the solution used to provide your version control.

You can find a comprehensive list of version control engines, along with which platforms support them here: Wikipedia: Source Code Hosting: Version Control Systems.

Microsoft have made no official comment about the future of their products.

In 2015 their vice president for cloud developer services, Brian Harry, blogged that TFVC does have a future: The future of Team Foundation Version control

Writing this answer in 2018 the following are my speculations:

MS will focus on VSTS. They will likely continue to offer TFS for several years as companies with security concerns around the cloud continue to opt for self-hosted options; but VSTS will rapidly overshadow TFS and at some point within the next 5 years MS will likely drop support for TFS in favour of solely focusing on VSTS.
MS still have an investment in TFVC; for example their Dynamics suite of products rely on this mechanism / the related development tools for which do not have native support for Git. However, MS will likely wish to take advantage of the benefits of Git in the long term, and will want to allow developers the option to choose their VCS platform as enabling developers benefits uptake of their solutions, and as such will start decoupling the choice of VCS from their offerings.
Over time TFVC will be dropped as Git matures and the MS offerings for Git match or overtake their offerings for TFVC. I suspect this will happen within the next 10 years.