硅谷银行-2026年企业软件现状 State of Enterprise Software An Overview of Trends in the Venture-Backed Enterprise Software Sector

svb》ADivisionofFirstcitizensBankTheenterprisesoftwareindustryisenteringanewphase,onewhereAIadoptionisexpectedandteamsaremakingincreasinglyinformeddecisionsbasedonthevalueofferedbyAItools.ThequestionnowisnotwhethercompaniesareusingAI,buthowthey’reusingittoboostproductivityamongtheirworkforceandgrowrevenue.CallitRO(AI).ThemarketcontinuestopriceinthedistinctionbetweencompaniesthatshowrealimpactfromAIandthosethatcannot.Theformerarebenefittingwitheasieraccesstocapitalandattractivevaluations,whilethelatterarefindingithardertodefendtheirbusinesses.Thissplitisevidentinthepublicmarkets,thoughthestoryismorenuancedthantheheadlinessuggest.HyperscalersandAI-tangentialcompanieshavecapturedmostoftherecentupside,whilemoretraditionalSaaSbusinesseshavelagged.SomeofthatgapreflectsrealdisruptionfromAI,andsomeofitissimpleallocationmathasinvestorsrebalanceportfoliostoaccountforahandfulofAI-adjacentnamesdrivingoutsizedreturns.Despitethis,techcompanieshavebeenthroughaplatformshiftbefore.TraditionalSaaSbusinesses,whowereoncedisruptorsthemselves,haveanopportunitytousethisnewAIwavetotheiradvantage.Thebestwilladjustandthrive.Anewcustomerisalsoemergingatscale:thefederalgovernment.IthascommittedtensofbillionsofdollarstoAIandrelatedinitiatives,andprocurementisbeginningtoaccelerate.Pathwaysthatoncetookyearsaremovingfaster,thoughaccessremainsunevenandoftenrequiressignificantinvestmentinsecurityandcompliance.Intheprivatemarkets,bifurcationcontinues.Fundraisingremainsconcentratedatbothendsofthebarbell—butdon’tcountoutthemiddlejustyet.Capitalisreturningtosoftwarestartups,butonnarrowerterms.AIstartupshavecapturedthelargestroundsinthepastyear,whileventureinvestmentoutsideAIwasmuted.Attheearlystage,lowerinitialstartupcostsandAIenthusiasmhaveboostedfirstfundingsofAIstartups.Atthelaterstage,unicornshavepivotedtoprofitability,oftenattheexpenseofgrowth.Mostwillneedtorediscoverproduct-marketfitasanAI-nativebusinesstoattractfutureinvestmentorexitopportunities.Exitmarketsareimproving.Acceleratingdisruptionhasforcedfounderstoconsidersellingearlier,whilethepushtoincorporatenascentAIcapabilitiesintolegacybusinesseshasbroughtmorecorporatebuyerstothetable.TheIPOwindowremainsconstrained,buttidesmayturnifAIbellwethersgopublic.Fromafounderperspective,thisyear’ssurveyofmorethan120enterprisesoftwarecompaniesshowsjusthowpivotalthismomentis.AIadoptionisbeingencouraged,ifnotmandated,fromthetop-down.Thisisalreadycreatingrealproductivitygains,particularly(butnotonly!)withinengineeringteams.Itisalsocreatingknock-oneffects:hiringisslowing,particularlyforjuniorroles,andstartupsarebeingchallengedinhowtheythinkaboutpricing.Headinginto2026,themoreusefulquestionisnotwhetherSaaSisdisappearing,butwhethersoftwarecompaniescanadaptquicklyenoughtokeepearningtheirplaceinthebudget.Thecompaniesthatprovevalue,stayclosetocoreworkflowsandincorporateAIwhereitmattersaremostlikelytodefinethenextphaseofthemarket.SiliconValleyBankAndrewMcCartyDirectorSiliconValleyBankManagingDirectorSiliconValleyBankDirectorSiliconValleyBankADivisionofFirstADivisionofFirstcitizensBankbuildingproductvaluefastworkBoard修Alachieved.”mintandaccountabilitytheauthoritativerecord.”AnneliesGamblecompanieswithshadowvulnerabilities.championsforadoptingit.”AlastairPatersonfundamentallythefirsttimewherecomputingiswedotheQA.”FounderandManagingDirectorSource:SVBinterviews.Source:SVBinterviews.1TobetterunderstandhowAIisreshapingthepublicmarketlandscapewithinenterprisesoftware,wegrouped80companiesintofourtiersbasedonwhattheydo—spanninghyperscalersthatruncloudplatforms,AIanddatainfrastructureprovidersthatsupplythechipsandsystemsbehindAI,andSaaScompaniesacrosscybersecurity,infrastructureandapplications.Asthechartbelowshows,valuationshaveexpandedsharplyinthelayersbuildingAI,withtheaveragemultipleforhyperscalersandAIinfrastructurecompaniesgrowing100%+sincethelaunchofChatGPTin2022.Incontrast,SaaSapplications,infrastructureandcybersecurityhaveseenmutedgrowthoverthatsametimeframe.184%184%121%2%CloudCloudinfrastructure,AIcomputeandmodeldistribuamazon一RA仁LEAMDBROADCOMARI与TA9palantiruipathtsmcnvIDIA·目cs.ai《nowfilakeSaaS:SaaS:Applications回二二workivaasanadocusign⃞sericeritonQualys.PR口口REAvepoint'《INTAPPFvepagerDutyRingcentral门paycomFigmaPAAdobeservicen◎w口toastappfoloeevoworkdayAATLASSIAN(includeshyperscalers,coreAI)Notes:1)Universeconsistsof64companiesfromtheBessemerVenturesPartners(BVP)NasdaqEmergingCloudIndex(EMCLOUD),themostwidelyusedbenchmarkforpubliccloudsoftware,plus16additionalcompaniesaddedtocapturehyperscalecloudproviders,semiconductorfirmsandAIhardwareSource:S&PCapitalIQ,BVPEMCLOUDandSVBanalysis.The“The“SaaS-pocalypse”narrativehasmovedfromthefringeintothemainstream,asshownbythesharpriseinsearchinteresttiedtoAIdisruption.Thatshifthasbeenfueledbyrapidadvancesinmodelcapability,theemergenceofagent-basedsystemsandawaveofhigh-profileproductreleasesacross2025andearly2026.Theattentionisreal,buttheconclusionthatSaaSisbeingdisplacedPublicmarketsreflectbothdisruptionandreallocation.AIinfrastructureandhyperscalermultipleshaveexpanded,whileSaaSapplicationmultipleshavecompressedfrompriorpeaks.Returnsacrosssubsectorshavealsodiverged,withcapitalconcentratinginthepartsofthemarketclosesttoAIvaluecreation.Whenagroupofcompaniesdriveperformance,publicinvestorsneedtorebalancetowardthem.InthecaseofAIoutperformance,investmentsintraditionalsoftwarefirmshavebecomethesourceoffunds.Thefundamentalstellamoremeasuredstory.Whilevaluationshaveresetandsentimenthasshifted,SaaScontinuestogrowandremainsdeeplyembeddedacrossenterpriseworkflows.Thecurrentenvironmentreflectsamarketrepricingandatransitioninhowvalueisassessed,ratherthanasuddenbreakdowninthecategoryitself.Thegapbetweensouringsentimentandmoreneutralfundamentalssuggeststheshiftisrealbutstillplayingoutovertime.bsiliconvalleyBankADivisionofFirstcitizensBankAlphabetAlphabetreleasessourceClaude3.5withcomputerusecapability.releasessourceClaude3.5withcomputerusecapability.(Oct.2024)ChatGPTEnterpriselaunches.multipleagentframeworksarelaunches.OpenAIlaunchesFrontierModel.(Feb.2026)developed.OpenAIlaunchesFrontierModel.(Feb.2026)developed.released.(Nov.2022)ClaudeAIDisruption“AIagents”“agenticClaudeAIDisruption“AIagents”“agenticAI““AIreplacingSaaS““AIvs.SaaS““AISaaS““AICRM““AIreplacingsoftware“MarketAnxiety“SaaSstock““softwarestock“ “SaaSvalue““SaaSmultiple““SaaSprice““SaaScrash““SaaSsell“Coworklaunches.ClaudeCodeCLI agentreleased.DoomNarrative“SaaSdead““deathofSaaS“ “SaaSdeath““SaaS-pocalypse“ “SaaSdown““endofSaaS““SaaSbubble“020192020202120222019202020212022202320242025AI&DataInfr.Hyperscalers0publiclaunchNotes:1)GoogleTrendsmeasuresrelativesearchpopularityona0-100scale,where100representspeakinterestovertheselectedtimeframe."SaaS"istheanchorterminallthreesearches,creatingacommonscalewhereSaaSpeak=100(March2026).2)SubsectorsdefinedusingSVBproprietarytaxonomy(refertothefollowingpageforfurtherdetails).Stockreturnsaremedianvaluesacrosseachsubsector,adjustedfordividendsandindexedto100on11/30/22(thedateofChatGPT'spubliclaunch).Whenlookingatrevenuegrowth,trendsmimicmultiples.HyperscalersandWhenlookingatrevenuegrowth,trendsmimicmultiples.HyperscalersandAI-adjacentcompanieshaveseenacceleration,whiletraditionalSaaSbusinesseshaveexperiencedmoderation.MediaheadlineswouldhavefolksbelieveAIhasrenderedSaaSdead.Fearattractsclicksandeyeballs,butit’snotthewholestory.Indeed,revenuescaleforAIstartupshasbeenmeteoric.OpenAIandAnthropic,basedonrecentreports,havescaledfrom$10Bto$25B+ARRinunderayear,quickerthansomeofthefastest-growingtechcompaniesinhistory.Butburningbrightandfastcomeswithitsownsetoftrials—suchasintensecapitalburnandheightenedexpectations.AsAIcompaniesmature,theywillneedtoaddressquestionsarounduniteconomics,renewalratesandlogoconcentration.SaaSbusinesses,ontheotherhand,haveanopportunity.Theirsoftwareishistoricallysticky,withgrossrevenueretentionratesat80%+fornotableenterprises.Mosthavepivotedtoprofitability,with~60%ofourpublicSaaScohorthavingpositivemargins,up17percentagepointsfrom2023.Thisgivesenterprises,whowereoncedisruptorsthemselves,achancetocapitalizeontheAIcyclebyaddingtechandtalent.Whileeverycycleisdifferent,enterpriseshavedonethisbefore—suchasmovingfromonpremtothecloud.EnterpriseslikeTwilioandAtlassianhavealreadyseenbenefitsfromincorporatingAI.StartupslikeSequoia-backedMutinyhavepivotedcompletelyandseensuccess.ThebestSaaScompanieswillembraceAIandthriveinthelongterm.bSConvaeyBankNotes:1)ARRforOpenAIandAnthropicisbasedonavailablemediareportsandisestimated.ADivisionofFirstcitizensBank2019202020212022202323%23%AI&DataInfr.Hyperscalers20242025$25.0B$25.0B$22.5B$20.0B$17.5B$15.0B$12.5B$10.0Boperationstothecloud.Intuitmadethe“AllIn”HyperscalersHyperscalersareinvestinginAIinfrastructureatascaletheindustryhasneverseenbefore.Combinedoperatingcashflow(OCF)grewfrom$116Bin2016to$577Bin2025,yetcapitalexpenditures(CapEx)hasrisenevenfaster.CapExasashareofoperatingcashflowclimbedfrom28%to66%andcontinuestorise.Datacenters,specializedchipsandnetworkingequipmentareabsorbingagrowingshareofthesecompanies’cashgeneration.Cashflowalonecannotfundthepaceofinvestment.Long-termdebtandleaseobligationshaveincreasedsubstantiallyascompaniessupplementinternalcashgenerationwithexternalcapital.ThescaleofborrowingunderscoresthatAIinfrastructureisbeingtreatedasessentialtolong-termcompetitiveness,notasdiscretionaryspending.Atthesametime,companiesstillneedtomanagecosts—especiallyinatightercapitalenvironment.Humancapitalistypicallythefirst-placecompanieslooktotrimgivenheadcount-relatedcostsareacompany’slargestexpense.MixinAIautomatingcertainfunctionsandcompanieslikelyoverhiringinthe2020-2022surge,andit’snosurprisetechcompanieswithrecentheavyCapExspendhaveannouncedlayoffs.ThesetrendssuggestthatlargetechcompaniesarereallocatingcapitaltowardAIinfrastructurewhiletakingamoremeasuredapproachtoworkforcegrowth.bamounts,remainingleaseliabilitiesbeyond2025andfutureminimumleasepaymentsdisclosedinthemostrecentcompany10-Kfilings.2)“OtherTech”referstothebroadersetofpubliclytradedtechnologycompaniesincludedinthefour-tierframeworkshownonslide6,excludingthefivehyperscalers.3)Layoffdataiscompiledfromselectpubliccompanydisclosuresandverifiedreporting.Bubblesizereflectstheapproximatenumberofemployeesaffected.SConvaeyBankADivisionofFirstcitizensBank5K9Notes:1)Debtandleaseobligationsincludelong-termdebt,financeleases,operatingleaseliabilitiesanddisclosedoff-balance-sheetcommitments.“Thereafter”includesunpaidprincipal9AmajornewcustomerisemergingintheAImarket.Acrossmultiplepiecesoflegislation,theUSfederalgovernmenthascommittedmorethan$50BtoAIandAI-adjacentinitiatives.WhilesomeofthisfundingsupportsbroadertechnologyinfrastructureratherthanAI-specificprograms,thedirectionisclear:FederalinvestmentinAIisincreasinginbothscaleandscope.Adoptionisbeginningtofollowthatfunding.FedRAMP,thesecurityauthorizationrequiredtosellsoftwaretofederalagencies,tookmorethanadecadetoapproveitsfirst300products.However,withthelaunchof“FedRAMP20x”,whichusesAI-driventoolsandstreamlinedpathwaystoreduceauthorizationtimelines,FedRAMPhasadded~170moreproductsinjust15months.AIproductsareaccountingforagrowingshareofnewapprovals.Inearly2026,ChatGPTEnterprise,GeminiforGovandPerplexityAIclearedapprovalwithinweeks.GovernmentAIadoptionisstartingtofuelrevenuegrowth.Palantirprovidesausefulreferencepoint:Governmentrevenuereached$2.4Bin2025,upfrom$610Min2020.Forstartups,thefederalmarketisarealandgrowingopportunity,butitremainsalater-stageplay.Securityauthorization,complianceinfrastructureandpatiencewithlengthyprocurementcyclesareprerequisites.CompaniesthatbeginbuildingthesecapabilitiesearlywillbewellpositionedasgovernmentAIbudgetsscale.bSConvaeyBankADivisionofFirstcitizensBank0793$480M$795M$100M$178MAug.2025$2B$800M$950M$88M$299MOct.2022$86M$87M$20BOct.2020$36M$10B$13Mtechnologyfunding.2)FedRAMPistherequiredfederalsecurityauthorization;timelinesforauthorizationhaveshortenedunderthe2025streamlinedpathway.3)Contracttechnologyfunding.2)FedRAMPistherequiredfederalsecurityauthorization;timelinesforauthorizationhaveshortenedunderthe2025streamlinedpathway.3)ContractvaluesreflectpubliclyannouncedawardsanddonotrepresentthefulluniverseofgovernmentAIcontracts.4)Palantirrevenueisbasedoncompanyfilingsandearningsreleaseswheregovernmentrevenueisdisclosedasaseparatesegment.LastyearLastyearprovedtobeanotherless-than-stellaryearforUSventurecapital(VC)fundraising,withtotalfiguresfalling15%YoYtopre-pandemiclevels.Thebifurcationinfundraisingcontinues,wherethebiggestfundsleaningintobrand-namedealsandemergingfundscarvingoutnichesinspecificfounders,technologies,stagesandgeographiesdominatethelandscape.Thestrengthofbothendsofthebarbellmarginalizesthemidsizedfunds.Whilesomecansuccessfullynavigatetheenvironmentandoutperform,mostareleftstrugglingwithmiddlechildsyndrome—neitherlargeenoughtocompeteinmega-dealsnornicheenoughinhyper-specializedmarkets.Foremergingmanagers,thenarrativeisclear:Toattractcapitalandinterest,youmusttargetAI.Theshareoffirst-timemanagerslistingAIasafocusareahasincreased2.5xbythenumberoffundsclosedand3.5xbycapitalraised.ThosewithanAItiltare~20%morelikelytocloseabovetheirinitialtargetsizecomparedtofirst-timemanagersthatdon’tlistAIasatarget.Forlargefundsthatclosedin2025,iftheirpreviousvintageisanyindication,theyarelikelytodeployheavilyintoAIaswell.Analyzingpastinvestmentsfromthemostrecentvintagesofthelargefundsclosedin2025,~26%ofdealsand~64%ofthecapitalfromthosedealswereinAI.ThissignalsthattheAItrainislikelytokeepchuggingalong.bSConvaeyBankADivisionofFirstcitizensBankFundsClosedCapitalRaisedShareofFundsClosedShareofCapitalRaisedShareofFundsClosedShareofCapitalRaisedCapCapitalInvested64%ofcapitaland26%ofdealsfromthepreviousvintageoflargeclosedfundsin2025wereinAIcompanies.DealCountNotes:1)MiddlefundsdefinedasUSVCfundswithclosedfundsizesabove$100Mbutbelow$500M.2)AIfocusdeterminedbytargetedindustryverticalsforUSVCfundsasdefinedbyPreqin.3)LargefundsdefinedasUSVCfundswithafundsize$500M+.Source:Preqin,PitchBookData,Inc.andSVBVentureinvestmentcontinuestodefyexpectations.WhileVentureinvestmentcontinuestodefyexpectations.Whiledealactivityhasmodestlydippedoverthelast12months,USVCinvestmenttotaledjustabove$450B—anearly100%increaseYoYandthehighesttotalonrecord.1Theseeminglyever-increasinghypearoundAIhasremainedasuperchargertoinvestment,causingenterprisesoftware’sshareofoverallUSVCinvestmenttojump20percentagepointsinthelastthreeyears.Thedemandtogetintothebestenterprisesoftwaredealshasonlyfurtherskewedthecapitaldistribution.In2024,thetop10USenterprisesoftwareVCdealsamountedto$40BandaccountedforhalfofallUSVCinvestmentinenterprisesoftware.OpenAIraisedmorethanthatalonein2025,andthetop10dealsaccountedfornearly60%.Theconcentrationofcapitalandgrowingdealsizescontraststarklywiththesupplyofdollarsavailable—atleastfromtraditionalsources.Thefundraisingtoinvestmentratio,whichmeasurestheamountofcapitalraisedfromfundsrelativetothecapitaldeployed,hititslowestlevelin15years.2Yet,VCinvestmentcontinuestoclimb.Themoneymustcomefromsomewhere.Entercorporates.Corporatesareincreasinglyparticipatinginlater-stageventuredealstocapitalizeontheinnovationhappeningintheirownecosystem.Thishelpstofillthegapleftbytraditionalventurefunds,whicharestrugglingtoraiseafteryearsoflimiteddistributionsbacktoLPs.bsiliconvalleyBankADivisionofFirstcitizensBankEnterpriseEnterpriseShareTop10PercentOverallShareAIAICybersecurityApplicationsInfrastructureMarketplacesServicesCapitalInvestedDealCount2019–20222019–2022202320242025DealSizePercentileFundraisingtoInvestmentFundraisingtoInvestmentFundraisingtoInvestmentRatioParticipationRateNotes:1)TTMUSVCinvestmentincludes$37BofOpenAI’s$122BVCround,asthatisthereportedcashprovidedatdealclose,whiletherestofthecapitalisconditional,deferredorcomputecredits.2)FundraisingincludesUSgrowthandVCfundraising.InvestmentisonlyUSVCinvestment.Source:SVBproprietarytaxonomy,PitchBookData,Inc.andSVBFortheForthefirsttimesince2019,therewereconsecutiveyearsofincreasesinfirstfinancingsforUSenterprisesoftwarestartups.Theriseininitialroundsisinlinewithbroadereconomictrends.Forexample,TTMbusinessapplicationsintheinformationsectorhavegrown18%YoY,thelargestincreasesince2021.ThejumpincompanyformationisbeingfueledbyAIandLLMsthataremateriallyreducingthecostandcomplexityoflaunchingastartup.Butwhatexactlygetsastartupfunded?ForAnneliesGamble,PartneratZettaVentures,it’sallaboutthemoat:“ThestartupsI’mmostexcitedaboutownwhereandhowdatagetscreated(themintposition),andtheyownthedownside(theaccountabilityposition).They’rebuildingtherecord.Andovertime,they'reshapingtheontologytheindustryusestodescribeitself.Thidurabledefensibility.”Ofcourse,receivinginitialfundingisonlythestart.Thenextmilestone(ifnotbootstrapping)isgraduatingtothenextround.Recentdatashowsgraduationratesofenterprisesoftwarecompaniesareimproving.ThisisdueinpartbynewercohortsbeingAI-nativefromdayone,andinvestorswillingtobetontheminthisnewwave.Timewilltellwhetherthistrendholds,especiallyasfoundersandinvestorsexplorenovelvaluationandpricingmechanismsattheearly-stage.Fornow,it’sapromisingsignthatinvestorshaveappetitefortherightstartups.bSConvaeyBankADivisionofFirstcitizensBank00DealCountCapitalRaised MonthstoMonthstoGraduateNotes:1)FirstfinancingsdefinedasthefirstroundbyPitchBookData,Inc.2)SubsectorsdeterminedusingSVBproprietarytaxonomy.20192020202120222023202400SharesThatHaveGraduated66二2023二2024%2025DealCountCapitallnvestedAppsAI/MLOtherSeedtoSeriesASeriesAtoSerEvenEvenduringtheso-calledSaaSacre,fewenterprisesoftwareunicornshavegonebellyup;manyarelimpingalongaszombiecorns.ChatGPT’sreleasethatcameontheheelsofawallopingdeclineinVCinvestmentleftmanyenterpriseunicornssaddledwithvaluationoverhangandlimitedinvestorsupport.Infact,over40%haven’traisedaventureroundsinceChatGPT’srelease.Withoutinvestorfunding,manyenterpriseunicornshavefocusedonreducingburnandreachingprofitability.In2022,just9%ofenterpriseunicornswereprofitable.Today,overhalfhavereachedprofitability,whichisimpressivegiventhemedianoperatingmarginin2022was-28%.Thetradeoffforthatdramaticswinghasbeenslowergrowth.Amongprofitableenterpriseunicorns,43%aregrowingrevenuelessthan10%ayear.Atthatlevelofrevenuegrowth,theycertainlydonotmakeanattractiveinvestmentformostVCfirms,andexitopportunitiesarelimitedbylowmultiples.Inanindustrywherereturnsarepredicatedonhighgrowth,thereturnsformanyenterprise-focusedfundsthatdeployedheavilyintheearly2020sarelikelytosuffer,ascapitalremainslockedinunderperformingbusinesses.Thereisanewwaveofunicornsemerging.Lastyearsaw50enterpriseunicornsminted,andthecurrentrunrateofenterpriseunicornformationisjustnorthof100unicornsperyear,drivenbyAIinfrastructureandverticalapps.bSConvaeyBankADivisionofFirstcitizensBankSaaSunicornshaveraisedsince2024.SaaSunicornshaven’traisedsince2021.ofSaaSunicorns haveformedsincereleaseofChatGPT.unicornsWorthTotal0Notes:1)BasedonavailabledealdatafromPitchBookData,Inc.MedianMiddle50%CapitalValuationsNotes:1)SeriesdefinedbyPitchBookData,Inc.andexcludesextensionrounds.2)EnterpriseSoftwaredefinedbySVBproprietarytaxonomy.Source:SVBproprietarytaxonomy,PitchBookData,Inc.andSVBTechnologycompaniesaretTechnologycompaniesaretypicallythefirsttoembracenewinnovations,andtheAIwaveisnodifferent.OfallUSbusinessessurveyedbytheCensusBureauonAIadoption,technologycompanies’adoptionratesare25percentagepointshigher,onaverage,thananysector.Theenterprisesoftwarestartupssurveyedforthisreportmaybethetipofthespear,with65%ofrespondentsreportingcompanypolicyencouragingorboardsmandatingAIusage.AsDeidrePakWorkBoard,notes,“TheimpetusforAIadoptionshouldbefromthetopdowntostart.EnableandempoweremployeeswithAIandbetransparentabouttrackingusage,aswellashighlightingwbottoms-upappetite.ThebestemployeeswillwanttouseandharnessAItodomore.”Withchangeoftencomesresistance—whetherit’sintheformofcostrestrictions,privacyconcerns,culturaloppositionorlackofunderstanding.However,barrierstomassadoptionlikelydependonthestageofthecompany.Surveyresultssuggestthatearlier-stagestartups(definedhereasthosewith$15Morlessinannualrevenue)struggledwithlackofexpertiseandtoolfragmentation.Meanwhile,largercompanies(definedhereasthosewith$35M+inannualrevenue)weremoreconcernedwithdataprivacyandcybersecurity.bsiliconvalleyBankADivisionofFirstcitizensBank Yes,IntheNext6MonthstheCompanyPlansToUseAI.Forward-LookingQuestionForward-LookingQuestionResponsesLaggedBy6Months.IfThePurpleLineisAboveTheDottedLine,ThenActualAIAdoptionOutpacedExpectations.Yes,theCompanyUsesAIInItsBusinessFunctions.ToolFragmentationDataPrivacyCybersecurityCulturalResistanceCostRegulatoryComplianceOtherNotes:1)TechcompaniesdefinedastheinformationsectorasdeterminedbytheCensusBureauNAICSclassifications.2)Surveyquestionsinclude“BetweenMMMDD–MMMDD,didthisbusinessuseArtificialIntelligence(AI)inanyofitsbusinessfunctions?”and“Duringthenextsixmonths,doyouthinkthisbusinesswillbeusingArtificialIntelligence(AI)inanyofitsbusinessfunctions?”EngineeringdepartmentsusingAItodayistablestakes.ButwhatotherfunctionsaretakingadvantageofAI?SurveyresponsesindicateMarketing,Analytics,Product,andSalesarethehighestAIusagedepartments.ThislinesupwithwhatRegalCEOandCo-FounderAlexLevinnoted,“OurmarketingteamhasbeenquiteentrepreneurialwithAI,evenbuildinganappthatreplacedacurrentSaaSsubscription.ForGTM,ourbestsaleintegratingAIintotheirprocess—automatingadministrativetasks,gettingcustomerinsightsandanticipatingcustomerneeds.”WhileengineeringisstillexpectedtoexperiencethelargestimpactfromAIinthenearfuture,agrowingshareofrespondentsindicatedotherfunctionswillbegintoseeanoutsizedimpactfromAI.IntermsofthetypeofimpactAIishaving,productivitygainsareundoubtedlytheanswer.Expectedimpactisabitbleakerascompaniesanticipatereducingbackfillsandhiringlessatthejuniorlevel,whileatthesametimeaddingsomeAI-specificheadcount.AsMarkGorenberg,FounderandManagingDirectorofZettaVentures,highlighted,“Thebigquestionisaboutjobs.Increasedefficiencyisgreat,butlesshumancapitalhassocietalconsequences.There’smajorunderemploymentofcomputerscience(CS)gradsascompanieshes