The enterprise technology market is set to undergo transformative changes in 2025, driven by advancements in artificial intelligence, crypto and vertical integration, according to the annual 2025 Enterprise Technology Outlook report from PitchBook Data Inc.

To no one’s surprise, given the massive growth in the sector through 2024, the report leads with AI and machine learning. OpenAI set a high-water benchmark for AI startups, reaching a $157 billion valuation. 2024 also saw private companies, including ByteDance Ltd. and SpaceX, hit or surpass $100 billion valuations. PitchBook used the term “centicorn” to describe them.

The report predicts that 2025 will see the rise of more “centicorns” in the AI sector, with private companies such as Anthropic PBC, CoreWeave Inc. and Databricks Inc. set to follow OpenAI’s trajectory.

Anthropic, backed by Amazon Web Services Inc. and others, is on track to exceed $1 billion in revenue by leveraging its privacy-focused models to capture a significant share of the generative AI market. Likewise, CoreWeave’s hardware-centric business model is forecast to achieve a 230% revenue increase in 2025, driven by demand for inference computing.

Another contender for centicorn status, Databricks, recently raised $10 billion on a $62 billion valuation and is predicted by PitchBook to be a strong candidate for a $100 billion valuation in 2025. The developments highlight the expanding market opportunities and investor confidence in AI as a key driver in enterprise innovation.

On the cryptocurrency front, PitchBook forecasts a resurgence in venture capital funding, with annual investments projected to exceed $18 billion in 2025. The forecast marks a significant recovery from the more subdued levels over the last two years, when funding hovered at about $9.9 billion annually. The report attributes the revival in the cryptocurrency sector to growing institutional involvement from major players such as BlackRock Inc. and Goldman Sachs Group Inc., whose regulatory credibility and established networks are driving broader market confidence.

The report also notes a shift in investment priorities within the crypto ecosystem. PitchBook believes that generalist VCs will reenter the market in 2025 with a focus on startups with clear use cases in decentralized finance, Web3 infrastructure and consumer-facing applications. The renewed interest is anticipated to result in larger funding rounds and higher valuations, especially for late-stage investments.

For the enterprise software-as-a-service market in 2025, the report comes back to AI, specifically the rise of autonomous AI agents in reshaping operations and customer engagement.

AI agents, autonomous systems powered by AI designed to perform specific tasks or make decisions with minimal human intervention, are expected to streamline workflows and automate complex tasks across sectors such as human resources, analytics and customer relationship management. Integrating into existing SaaS ecosystems, agents are expected to allow businesses to drive efficiency while enhancing the quality of customer interactions.

PitchBook believes that AI agents will particularly disrupt customer relationship management and enterprise resource planning platforms, where AI agents are already delivering real-time, personalized support and decision-making capabilities. SaaS vendors are increasingly adopting AI agents to create tailored, industry-specific solutions that boost customer loyalty and reduce operational costs.

Other trends forecast for 2025 in the report include a growing role for regulatory technology in enterprise fintech mergers and acquisitions, driven by its niche specializations despite underfunding in the sector.

Consolidation in DevOps is also anticipated next year as major SaaS providers acquire startups to streamline fragmented markets and enhance competitive offerings. Additionally, insurance technology is noted as seeing increased vertical integration, with companies adopting seamless models that combine products, insurance and services to improve customer experiences and operational efficiency.

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