diff --git a/.env b/.env
index 8047cb847a..41d77b0b8f 100644
--- a/.env
+++ b/.env
@@ -6,15 +6,15 @@ IMAGE_NAME=ghcr.io/open-telemetry/demo
 DEMO_VERSION=latest
 
 # Dependent images
-COLLECTOR_CONTRIB_IMAGE=otel/opentelemetry-collector-contrib:0.93.0
-GRAFANA_IMAGE=grafana/grafana:10.3.1
-JAEGERTRACING_IMAGE=jaegertracing/all-in-one:1.53
+COLLECTOR_CONTRIB_IMAGE=otel/opentelemetry-collector-contrib:0.96.0
+GRAFANA_IMAGE=grafana/grafana:10.4.0
+JAEGERTRACING_IMAGE=jaegertracing/all-in-one:1.55
 # must also update version field in /src/grafana/provisioning/datasources/opensearch.yml
-OPENSEARCH_IMAGE=opensearchproject/opensearch:2.11.1
-POSTGRES_IMAGE=postgres:16.1
-PROMETHEUS_IMAGE=quay.io/prometheus/prometheus:v2.49.1
+OPENSEARCH_IMAGE=opensearchproject/opensearch:2.12.0
+POSTGRES_IMAGE=postgres:16.2
+PROMETHEUS_IMAGE=quay.io/prometheus/prometheus:v2.50.1
 REDIS_IMAGE=redis:7.2-alpine
-TRACETEST_IMAGE_VERSION=v0.15.8
+TRACETEST_IMAGE_VERSION=v0.16.0
 TRACETEST_IMAGE=kubeshop/tracetest:${TRACETEST_IMAGE_VERSION}
 
 # Demo Platform
diff --git a/.gitignore b/.gitignore
index 1c397217b5..8327d1d2cc 100644
--- a/.gitignore
+++ b/.gitignore
@@ -11,6 +11,8 @@
 .DS_Store
 \#*\#
 
+docker-compose.override.yml
+
 # Eclipse
 .classpath
 .project
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5f2fb92950..811cb675af 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -29,6 +29,8 @@ the release.
   ([#1427](https://github.com/open-telemetry/opentelemetry-demo/pull/1427))
 * [shippingservice] fix context propagation and add OTLP logs
   ([#1433](https://github.com/open-telemetry/opentelemetry-demo/pull/1433))
+* [chore] - Update Telemetry Components
+  ([#1440](https://github.com/open-telemetry/opentelemetry-demo/pull/1440))
 
 ## 1.8.0
 
diff --git a/README.md b/README.md
index e5933d352d..76584e1d84 100644
--- a/README.md
+++ b/README.md
@@ -56,16 +56,16 @@ keeping it up to date for you.
 
 |                                         |                             |                                                                |
 |-----------------------------------------|-----------------------------|----------------------------------------------------------------|
-| [AlibabaCloud LogService][AlibabaCloud] | [Elastic][Elastic]          | [OpenSearch][OpenSearch]                                       |
-| [AppDynamics][AppDynamics]              | [Google Cloud][GoogleCloud] | [Sentry][Sentry]                                               |
-| [Aspecto][Aspecto]                      | [Grafana Labs][GrafanaLabs] | [ServiceNow Cloud Observability][ServiceNowCloudObservability] |
-| [Axiom][Axiom]                          | [Guance][Guance]            | [Splunk][Splunk]                                               |
-| [Axoflow][Axoflow]                      | [Helios][Helios]            | [Sumo Logic][SumoLogic]                                        |
-| [Azure Data Explorer][Azure]            | [Honeycomb.io][Honeycombio] | [TelemetryHub][TelemetryHub]                                   |
-| [Coralogix][Coralogix]                  | [Instana][Instana]          | [Teletrace][Teletrace]                                         |
-| [Dash0][Dash0]                          | [Kloudfuse][Kloudfuse]      | [Tracetest][Tracetest]                                         |
-| [Datadog][Datadog]                      | [Logz.io][Logzio]           | [Uptrace][Uptrace]                                             |
-| [Dynatrace][Dynatrace]                  | [New Relic][NewRelic]       |                                                                |
+| [AlibabaCloud LogService][AlibabaCloud] | [Elastic][Elastic]          | [New Relic][NewRelic]                                          |
+| [AppDynamics][AppDynamics]              | [Google Cloud][GoogleCloud] | [OpenSearch][OpenSearch]                                       |
+| [Aspecto][Aspecto]                      | [Grafana Labs][GrafanaLabs] | [Sentry][Sentry]                                               |
+| [Axiom][Axiom]                          | [Guance][Guance]            | [ServiceNow Cloud Observability][ServiceNowCloudObservability] |
+| [Axoflow][Axoflow]                      | [Helios][Helios]            | [Splunk][Splunk]                                               |
+| [Azure Data Explorer][Azure]            | [Honeycomb.io][Honeycombio] | [Sumo Logic][SumoLogic]                                        |
+| [Coralogix][Coralogix]                  | [Instana][Instana]          | [TelemetryHub][TelemetryHub]                                   |
+| [Dash0][Dash0]                          | [Kloudfuse][Kloudfuse]      | [Teletrace][Teletrace]                                         |
+| [Datadog][Datadog]                      | [Liatrio][Liatrio]          | [Tracetest][Tracetest]                                         |
+| [Dynatrace][Dynatrace]                  | [Logz.io][Logzio]           | [Uptrace][Uptrace]                                             |
 
 ## Contributing
 
@@ -123,6 +123,7 @@ Emeritus:
 [Honeycombio]: https://github.com/honeycombio/opentelemetry-demo
 [Instana]: https://github.com/instana/opentelemetry-demo
 [Kloudfuse]: https://github.com/kloudfuse/opentelemetry-demo
+[Liatrio]: https://github.com/liatrio/opentelemetry-demo
 [Logzio]: https://logz.io/learn/how-to-run-opentelemetry-demo-with-logz-io/
 [NewRelic]: https://github.com/newrelic/opentelemetry-demo
 [OpenSearch]: https://github.com/opensearch-project/opentelemetry-demo
diff --git a/src/currencyservice/src/server.cpp b/src/currencyservice/src/server.cpp
index e824e9ff39..218f2881b6 100644
--- a/src/currencyservice/src/server.cpp
+++ b/src/currencyservice/src/server.cpp
@@ -207,12 +207,12 @@ class CurrencyService final : public oteldemo::CurrencyService::Service
 
       CurrencyCounter(to_code);
 
-      // End the span
       span->AddEvent("Conversion successful, response sent back");
       span->SetStatus(StatusCode::kOk);
 
       logger->Info(std::string(__func__) + " conversion successful");
-
+      
+      // End the span
       span->End();
       return Status::OK;
 
diff --git a/src/grafana/provisioning/datasources/opensearch.yaml b/src/grafana/provisioning/datasources/opensearch.yaml
index a6c085b122..0300bc72d7 100644
--- a/src/grafana/provisioning/datasources/opensearch.yaml
+++ b/src/grafana/provisioning/datasources/opensearch.yaml
@@ -17,4 +17,4 @@ datasources:
       logMessageField: body
       pplEnabled: true
       timeField: observedTimestamp
-      version: 2.11.1
+      version: 2.12.0