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The Silent Death Of SaaS: Is ServiceNow Building A $600 Billion Post-Software Empire?

ServiceNow is no longer presenting itself as a conventional software vendor riding the next AI cycle. The more important shift is that management is increasingly framing the business as a control layer for enterprise execution, where artificial intelligence, data, workflows, governance, and security converge into one operating fabric. That distinction matters because the market is actively reassessing where value will accrue in an AI-first stack. Over the past year, software multiples have compressed as investors debated whether foundation models and AI agents would commoditize application-layer value. Against that backdrop, the company has argued that the real economic prize is not in offering another feature or point solution, but in orchestrating work across departments, systems, and agents. Its latest commentary and operating data suggest this is more than branding.