SaaSpocalypse：軟體生存指南

• Agentic AI platforms can autonomously build custom internal tools and perform complex workflows, directly competing with per-seat SaaS pricing models[1] • The disruption mechanism centers on AI agents working autonomously rather than as assistants, potentially bypassing traditional software entirely[3] • Software companies implementing AI successfully are integrating it into existing product layers rather than replacing core functionality[4] • Data strategy differentiation is critical—companies without clear AI data strategies face competitive disadvantage in the evolving landscape[4] • Microsoft's infrastructure constraint illustrates the tension: dedicating compute capacity to OpenAI and Anthropic to gain revenue today while these partners potentially disrupt its core Office products[2]

The software sector faces a fundamental business model transition where traditional per-seat licensing becomes vulnerable to AI-driven automation and custom tool generation. Companies that successfully integrate AI into existing platforms and develop defensible data strategies may expand their TAM, while those unable to demonstrate concrete AI-driven ROI risk customer churn. Regulatory scrutiny will likely intensify as market power concentrates among AI infrastructure providers, potentially reshaping competitive dynamics and pricing power in enterprise software. The sector's recovery depends on whether AI complements and expands software markets (bull case) or displaces traditional SaaS entirely (bear case), with current valuations reflecting significant uncertainty between these scenarios.