Richard de Silva argues that the era of generic, horizontal SaaS is ending. A $300 billion market collapse in January signaled that per‑seat subscription models can no longer survive AI agents that replace human users. Investors are shifting focus to AI‑native platforms that automate knowledge‑worker tasks across the $2 trillion white‑collar services market.

The new winners will be vertical AI firms that combine deep domain expertise, proprietary data and long‑standing customer relationships. By embedding themselves in regulated workflows—legal contracts, insurance underwriting, bank loan performance—these companies create switching costs that generic SaaS cannot match. Pricing moves from seats to usage or outcome‑based fees, such as charging per contract drafted or a share of recovered spend.

Because AI‑native solutions tap labor, compliance and risk budgets, the addressable market dwarfs traditional enterprise software. Firms that treat services as a compounding asset, rather than a cost, will build moats that grow with each deployment. The shift redefines B2B software as a blend of data, expertise and automation, making AI-native platforms a far more valuable investment than legacy SaaS.