What Are The Top Public SaaS Companies to Watch?

The public SaaS landscape in late 2025 has shifted from simple cloud tools to autonomous “agentic” workflows. The companies defining this era aren’t just selling software seats; they are selling outcomes—using AI to resolve support tickets, generate enterprise content, and optimize databases without human intervention. For investors and IT leaders, the focus has moved to firms successfully monetizing these autonomous capabilities.

Below is a definitive guide to the top public SaaS companies leading this charge.

Who Are the “Big Three” Public SaaS Giants?

The top three public SaaS giants are Microsoft (MSFT), Salesforce (CRM), and Adobe (ADBE). These firms have successfully pivoted to AI-first platforms, leveraging massive proprietary datasets to offer “agentic” capabilities that go beyond basic chat assistants. They are the safest bets for long-term stability due to their deep entrenchment in the Fortune 500.

1. Microsoft (Ticker: MSFT)

Microsoft remains the undisputed king of B2B SaaS. In 2025, its Copilot ecosystem moved from a “chat” interface to an execution engine.

• The Shift: Copilot now actively manages workflows in Dynamics 365 and GitHub, fixing code and updating CRM records autonomously.
• Key Metric: Commercial Cloud revenue growth continues to accelerate, driven by the mass adoption of specialized agents in finance and HR.

2. Salesforce (Ticker: CRM)

Salesforce has staked its entire 2025 strategy on “Agentforce.” Unlike previous chatbots, these agents can independently resolve complex customer service issues.

• Why Watch: Early deployment data shows significant ROI. For instance, some enterprise users reported a 40% deflection in routine support tickets using Agentforce, proving the tool’s value in reducing operational costs.
• Challenge: Watch their retention rates closely; while the tech is powerful, implementation requires clean data, which remains a hurdle for legacy clients.

3. Adobe (Ticker: ADBE)

Adobe has successfully defended its creative monopoly by integrating Firefly directly into enterprise workflows via GenStudio.

• 2025 Innovation: The launch of the “Content Production Agent” allows marketing teams to generate on-brand assets automatically from a simple brief.
• Anecdote: Major clients like IBM have used these tools to cut content production costs by nearly 80%, accelerating campaign timelines from weeks to mere days.
• Financials: In Q3 2025, Adobe reported record revenue of $5.99 billion, with their AI-infused Annual Recurring Revenue (ARR) surpassing $5 billion.

Which High-Growth Public SaaS Companies Are Defining 2025?

High-growth public SaaS companies to watch include Palantir (PLTR), Snowflake (SNOW), and CrowdStrike (CRWD). These firms are outperforming the market by solving specific, high-value problems—sovereign data analytics, AI data residency, and autonomous cybersecurity—while maintaining exceptional customer retention rates.

1. Palantir Technologies (Ticker: PLTR)

Palantir has transformed its sales motion with “AIP Bootcamps.” Instead of year-long sales cycles, customers now build live AI applications in 1–3 day workshops.

• The Result: This strategy drove a 71% year-over-year growth in U.S. commercial revenue in early 2025.
• Use Case: Retailers like Walgreens have used Palantir to deploy AI-driven inventory workflows across thousands of stores in record time.

2. Snowflake (Ticker: SNOW)

Snowflake is fighting for dominance in the “Data Cloud” with its new Cortex AI features.

• Strategic Play: They allow companies to run AI models inside the database. This solves the privacy nightmare of moving sensitive data to external models.
• Feature to Watch: Snowflake Intelligence helps enterprises create agents that can “talk” to their data, making complex analytics accessible to non-technical staff.

3. CrowdStrike Holdings (Ticker: CRWD)

Following the historic outage of 2024, CrowdStrike demonstrated incredible resilience in 2025.

• The Comeback: The company maintained a gross retention rate of over 97%, proving that the “switching cost” for top-tier cybersecurity is nearly insurmountable.
• Innovation: Their Falcon platform now emphasizes “self-healing” endpoints, which automatically fix vulnerabilities before they can be exploited.

How Is ServiceNow Changing Enterprise Operations?

ServiceNow (NOW) is transforming enterprise operations by acting as the “AI Control Tower” for the entire business. Their 2025 “Xanadu” release introduced autonomous agents that sit above existing software stacks, allowing IT and HR teams to automate complex cross-departmental workflows without replacing legacy systems.

ServiceNow is unique because it connects disparate systems rather than replacing them.

• Xanadu Release: The latest update includes “Now Assist,” which can summarize incidents, generate code, and automate employee onboarding tasks across multiple platforms (like Workday and Microsoft Teams) simultaneously.
• Enterprise Relevance: For CIOs struggling with SaaS application management, ServiceNow provides a single pane of glass to view and control all other apps.

What Vertical SaaS Companies Should Investors Watch?

Top vertical SaaS companies to watch include Shopify (Retail) and Veeva Systems (Life Sciences). Unlike horizontal platforms that serve everyone, these companies dominate specific industries by offering specialized features—like Shopify’s enterprise-grade B2B commerce tools and Veeva’s clinical trial management software.

1. Shopify (Ticker: SHOP)

Shopify has aggressively moved upmarket to capture enterprise B2B clients.

• B2B Commerce: Their “Commerce Components” stack allows large wholesalers to use the same sleek tools as direct-to-consumer brands.
• Trend: A shift toward “rep-free” buying experiences has fueled their growth, as B2B buyers increasingly prefer self-service portals over talking to salespeople.
• Comparison: See how they stack up against others in our list of SaaS examples.

2. Veeva Systems (Ticker: VEEV)

Veeva effectively owns the cloud for the pharmaceutical industry.

• Dominance: As drug development becomes more data-intensive, Veeva’s “Vault” platform manages the entire lifecycle from clinical trials to commercialization.
• Stability: With a market cap hovering around $45 billion, they remain a low-volatility anchor in many SaaS portfolios.

Is There a Distinction Between SaaS and SAAP in Public Markets?

Yes, the distinction lies in delivery and revenue models. Public SaaS (Software as a Service) companies generate recurring subscription revenue, while legacy SAAP (Software as a Product) firms sell perpetual licenses. However, the market heavily favors SaaS due to its predictable cash flow and higher lifetime value (LTV).

Investors generally award higher valuation multiples to SaaS revenue.

• SaaS Model: You rent the software (e.g., paying monthly for Zoom).
• SAAP Model: You buy the software once (e.g., old versions of Microsoft Office).
• Market Trend: Almost all traditional SAAP software companies have transitioned to SaaS models to survive in the public markets. Even hardware-heavy firms are trying to bundle subscription software to boost their stock price.

What Metrics Matter When Evaluating Public SaaS Stocks?

The most critical metrics for evaluating public SaaS stocks are the “Rule of 40,” Net Revenue Retention (NRR), and Customer Acquisition Cost (CAC) payback period. These figures tell investors if a company is growing efficiently or just burning cash to acquire customers who might churn later.

To analyze these companies like a pro, look at these three numbers:

Metric	What It Means	Good Benchmark
Rule of 40	Growth Rate + Profit Margin.	> 40% is elite.
NRR	Revenue from existing customers (upsells).	> 110% indicates healthy growth.
CAC Payback	Time to earn back sales/marketing costs.	< 12 months is ideal.

• Context: A high NRR means customers aren’t just staying; they are spending more every year. This is vital for platforms like Snowflake or usage-based tools.
• Technical Note: Some of these platforms also enable building an API economy, where third-party developers add value, further increasing retention (stickiness).

Final Thoughts

The public SaaS market in 2025 is separating into two camps: the AI adoption leaders and the legacy incumbents. The companies listed above—Microsoft, Salesforce, Palantir, and CrowdStrike—are not just surviving the AI shift; they are driving it.

For a broader view of the entire industry hierarchy, you can reference the list of the largest software companies. Whether you are an investor or an IT buyer, focusing on these “agentic” platforms will ensure you are aligned with the future of software.