Of the four mutually-exclusive ITC categories it has often been predicted that spending on software will overtake hardware at some point. I don’t think it’s going to happen in 2025 because, despite the introduction of new operating systems by Microsoft and Apple, there has been a boom in GPU and server sales, as well as a resurgence in PC, tablet and smart phone sales in 2024. I expect that the software market will eventually overtake the hardware market – but not before 2026. As for the other categories, I expect IT service to ontinue to grow and telecom service to decline – both mildly in 2025.