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1、The Age of Embedded IntelligenceVertical Softwares Foundational Role in an Agentic WorldEquity ResearchTechnology,Media,and Communications|SoftwareNovember 17,2025Industry Report Dylan Becker,CFA+1 312 364 8938 Stephen Sheldon,CFA,CPA+1 312 364 Arjun Bhatia+1 312 364 Jackson Bogli+1 312 551 Faith Br

2、unner,CFA,CPA+1 312 364 Please refer to important disclosures on pages 35 and 36.Analyst certification is on page 35.William Blair or an affiliate does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of i

3、nterest that could affect the objectivity of this report.This report is not intended to provide personal investment advice.The opinions and recommendations herein do not take into account individual client circumstances,objectives,or needs and are not intended as rec-ommendations of particular secur

4、ities,financial instruments,or strategies to particular clients.The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.89641_faaf126c-dfce-4fb7-8bd2-208c1d5b815d.pdf2 Dylan Becker,CFA+1 312 364 8938 William Blair Conten

5、tsIntroduction.3How Are Agents Different From Copilots?.5What Drives Value for an Agent?.6Why Vertical Software Is Favorably Positioned.7Headcount Implications and How to Think About Sizing the Opportunity More Broadly.12Contextualizing the Case for Monetization.14AI Also Allowing Software to Flex O

6、wn Operational Muscle.16Summary.20Appendix Public and Private Vendors.2189641_faaf126c-dfce-4fb7-8bd2-208c1d5b815d.pdf3 Dylan Becker,CFA+1 312 364 8938 William BlairIntroductionFollowing the advent of generative AI tools,large language models,copilots,and now agents over the past several quarters an