Photomultiplier tube technology has been the photodetector of choice for the technique of imaging atmospheric Cherenkov telescopes since its birth more than 50 years ago. Recently, new types of photosensors are being contemplated for the next generation Cherenkov Telescope Array. It is envisioned that the array will be partly composed of telescopes using a Schwarzschild-Couder two mirror design never built before which has significantly improved optics. The camera of this novel optical design has a small plate scale which enables the use of compact photosensors. We present an extensive and detailed study of the two most promising devices being considered for this telescope design: the silicon photomultiplier and the multi-anode photomultiplier tube. We evaluated their most critical performance characteristics for imaging gamma-ray showers, and we present our results in a cohesive manner to clearly evaluate the advantages and disadvantages that both types of device have to offer in the context of GeV-TeV gamma-ray astronomy.