SaaS Is Readying for an Agentic Future
Blog post from Cohere
The SaaS industry is experiencing a significant transformation by integrating large language models (LLMs) into their platforms, driving innovation and enhancing productivity. With predictions of a potential market growth to $10 trillion by 2030, SaaS companies are optimistic about a 10% revenue increase over the next two years by incorporating generative AI (GenAI). These advancements are expected to automate up to 70% of routine tasks, allowing employees to focus on more complex work. SaaS providers are already implementing LLM-based applications, such as AI assistants, knowledge management tools, and content generators, to improve efficiency and decision-making capabilities. Companies like Oracle and Borderless AI are pioneering AI-driven solutions for HR and legal tech, while AtomicWorks and video conferencing service providers enhance IT support and meeting productivity. As the SaaS market evolves, the introduction of enterprise-scale retrieval systems and tool-use capabilities promises more sophisticated solutions, with businesses like Cohere leading the charge. SaaS providers are urged to rapidly adopt these technologies to stay ahead in a competitive landscape, with speedy iterations and plug-and-play components being pivotal for success.