Well specifically with just the AI agent/customer support product I think businesses would do well to handle this themselves rather than hoping a one size fits all solution from Intercom would serve them. Not just from a bespoke AI solution but also on cost. The other aspects of Intercom's product, the little chat bubble, CRM, can be had for much much less from dozens of competitors.

I think they mostly benefit from time in market and name recognition. The AI angle was a good bet to make when they made it, but is increasingly less of a differentiator.

I don't think SaaS is dead - but I think for a product like Intercom, that is very expensive, they get eaten alive by smaller SaaS + in-house AI agent.