Ever wondered where the next decade of investment growth will come from? David Toms, Hg's Head of Research, shares compelling insights on why software remains one of the most undervalued growth opportunities in the global economy.

The global economy spends less than $1 trillion on software, yet the total labor bill exceeds $50 trillion annually. As workforce populations decline across developed markets and labor costs rise, this gap represents a massive untapped opportunity.

What's driving this sustained growth?

• 📉 Declining working-age populations (peaked in 2022!)

• 💰 Rising labor costs accelerating automation

• 🔄 Self-reinforcing digital adoption cycles

• 🤖 AI extending automation beyond traditional boundaries

Many investors have underestimated the durability of software growth - perhaps the biggest mistake in the past decade. Even in mature markets, we're seeing 5-10x spending differences between basic and power users who extract exponentially more value.

Watch the full video to understand why the software revolution isn't ending - it's compounding. Each innovation builds on the last: from mainframes to cloud to AI, with each wave creating new possibilities and market expansion.