The SaaS licence model falters in the face of AI automation

With the launch of Claude Cowork, the software sector, prized by investors for predictable and recurring revenue, is slowing down. According to Bain, stock market indices for SaaS tech editors fell by 25% in a year, at the end of January 2026. Over recent weeks, the decline has accelerated to -15%. According to S&P Capital IQ, revenue growth for the panel of SaaS vendors (whose turnover exceeds US$50 million) reached 10% in 2025. This was the lowest level in 4 years. In the short term, 30% to 5