Vista：2026年展望：代理型AI与企业软件的未来研究报告（英文版）（16页）.pdf

1、VISTAS 2026 OUTLOOKAgentic AI and the Future of Enterprise SoftwareMONTI SAROYASenior Managing Director,Co-Head of Flagship FundASHLEY MACNEILLManaging Director,Co-Head of Capital Markets2VISTA EQUITY PARTNERSKEY TAKEAWAYSWe believe Agentic AI will transform enterprise software from tools that suppo

2、rt work into systems that perform work on behalf of employees.In our view,this represents a transformation in how software companies create and capture value.History shows that major technology transitions have consistently driven software expansion.We believe AI will follow the same pattern,and tha

3、t the amount of software consumed will grow significantly as agents work alongside employees.In our view,widespread enterprise adoption of Agentic AI is not a question of if,but when.Roughly 20 to 40 percent of workers are using AI in some capacity in the workplace,but only 1%of enterprise data is c

4、urrently incorporated into AI solutions,1 suggesting the large-scale integration of AI into core operations is still in its earliest stages.With an estimated$11 trillion in cumulative value projected to flow to AI software and infrastructure by 2030,2 we do not see this transition as a zero-sum game

5、 between model providers,hyperscalers and software.We expect durable value to accrue to software that can combine AI capabilities with workflow context and trusted execution.AI is expanding addressable markets for software and may raise the ceiling on revenue per customer,potentially improving unit

6、economics.This shift in the business model may unlock higher valuation multiples for companies that successfully make the transition,relative to traditional peers.Not every software company will make the transition.Some will evolve into Agentic AI platforms,while others will use AI primarily to driv