Microsoft is set to share details June 24 on the biggest update to its Windows operating system in years.

Why it matters: Both Chromebook and Apple's Macintosh have gained ground in recent years as Microsoft has made only modest updates to Windows 10.

Driving the news:

• The event will be an online one, featuring CEO Satya Nadella and product chief Panos Panay.
• Nadella teased the new version at last week's Build conference and in an Axios interview, but offered no details.

Between the lines: The history of Windows is one of more modest changes and larger shifts. This one would appear to be in the latter category, with changes expected not only to the way windows looks and works, but also to the underlying business model.

Here is a look at what other recent updates brought to Windows

• Windows 7 (2009): Addressed the critiques of Windows Vista while improving on the major under-the-hood changes it had made over the still widely used Windows XP.
• Windows 8 (2012) Attempted to bring a more mobile-like interface, including broader touch support as well as heralding in the Windows Store as a new way to purchase apps.
• Windows 10 (2015): Brought together the Windows 7 and Windows 8 experiences as well as introducing the notion of Windows as a service rather than as a piece of software with distinct releases.

Correction: An earlier version headline mistakenly said the event was July 24.