NOW | Market Cap: $114.7B (07/13/26)
Industry:
Software

DESCRIPTION

ServiceNow makes and sells a cloud-based enterprise software platform that automates and orchestrates business workflows across IT, HR, customer service, finance, legal, and other functions. The core product is the ServiceNow AI Platform, which sits above existing systems of record — ERPs, CRMs, HCM platforms — integrating with them rather than replacing them, and routing work across functional boundaries on a single platform and data model. ServiceNow sells primarily to large enterprises through a direct sales force, supplemented by global systems integrators like Accenture, Deloitte, and Infosys. The company had roughly 8,700 customers as of year-end 2025. Revenue is almost entirely subscription-based, with multi-year SaaS agreements recognized ratably. ServiceNow is transitioning toward a hybrid subscription-plus-consumption model as customers deploy agentic AI use cases that consume credits beyond their base allocation. Products are organized into four areas: Technology workflows (ITSM, ITOM, IT asset management), CRM and Industry (customer service, field service, sales and order management), Core Business (HR, legal, finance), and Creator tools (low-code app development, data integration). Customers can upgrade from base "Pro" tiers to "Pro Plus" tiers that include AI capabilities at a price premium. Renewal rates run around 98%. ServiceNow's growth strategy centers on upgrading existing customers to AI tiers, expanding into front-office CRM workflows, building out agentic AI governance via its AI Control Tower product, and growing in the public sector.

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