Is it possible in future to reduce the confirmation time of the transactions? Can it somehow be reduced to less than 10 minutes? Can it be made faster?
Yes and no. Any change to the protocol is possible if and only if > 50% of the active nodes "agree" to it by adopting that protocol change.
Getting everyone to agree is very hard though. For example, Bitcoin Cash (BHC) exists as a fork of Bitcoin because of a dispute over increasing the block size. It seems likely such a push to lower the block time would lead to a similar messy debate and ultimately a split.