Self-built software declined from 30% → 15% over 30 years — even as dev tools improved every decade, companies outsourced more. A 10% price drop → 20% more spending. The demand-side moat holds.
The threat isn't enterprises building their own tools. It's AI-native startups shipping with 2–3 people what used to take 50. The question: does the org need to be 5,000 people — or five?