Every 25 years or so, telecom networks get totally re-designed. The last big re-build came with the internet in the early 1990s. Now “IP networking” technology is giving way to another technology cycle known as “software defined networking”. SDN is a new architecture for telecom networks in which the emphasis shifts from hardware to software. It will be hugely disruptive because it fundamentally changes who controls the telecom network. In the report we predict some of the winners and losers.