Salesforce partners see no meaningful revenue from Agentforce

Salesforce partners say they have yet to see meaningful revenue from Agentforce, two years after the CRM giant launched the AI agent platform promising spectacular growth. That is the finding of a recent report from TD Cowen, which surveyed Salesforce partners in the US, Europe and Asia and found growing customer interest in Agentforce but no revenue yet. Asked about interest in Agentforce AI Agents, 11 percent of respondents said they had not seen much immediate interest, 56 percent said they expected interest but needed time for initiatives to mature, and a third reported strong interest with buying and trial activity starting. None of the surveyed partners, however, were seeing Agentforce become a driver of bookings activity. TD Cowen also found weaker commercial growth across Salesforce's partner portfolio: a third were meeting or beating targets this quarter, down from 43 percent the previous quarter. The report summarized adoption as "still subdued." Salesforce did not immediately return a request for comment. The TD Cowen findings echo an earlier KeyBanc Capital Markets report, which cited its own CIO survey from the previous month and found customers did not view the Agentforce strategy favorably. KeyBanc's report said customer conversations and checks had not been strong, that the disclosed numbers did not signal building momentum, and that its CIO survey delivered "another blow with Salesforce being a standout for the wrong reasons." It found that partners and customers considered enterprise data not coherent enough to support meaningful AI work, and quoted them describing Agentforce, as a product, as "just isn't there." Salesforce's own disclosures tell a different story on paper. In its results for Q1 FY2027, ended April 30, the company said its current remaining performance obligation, a measure of future contract value, had grown 14 percent year over year to $33.6 billion, a rise it attributed to Agentforce, Data 360 and Slack, partially offset by softness in commerce and Tableau. CEO Marc Benioff told analysts the company was "seeing incredible demand for Agentforce with annual recurring revenue now greater than $1 billion." Salesforce has positioned Agentforce as central to helping it withstand the so-called SaaSapocalypse, in which AI agents perform common enterprise tasks and reduce the need for software upgrades, saying the platform will let customers build, test, deploy, manage and orchestrate AI agents across the enterprise. The two analyst surveys suggest that narrative is not yet matched by what partners and customers report experiencing on the ground.

Key facts

TD Cowen surveyed Salesforce partners in the US, Europe and Asia two years after Agentforce's launch and found growing interest but no meaningful revenue yet.
11 percent of respondents saw little immediate interest, 56 percent expected interest to mature over time, and a third reported strong interest with early buying and trials, but none saw Agentforce driving bookings.
Partner commercial performance also softened: a third met or beat growth targets this quarter, down from 43 percent the previous quarter.
A separate KeyBanc Capital Markets CIO survey from the prior month likewise found weak customer feedback, with partners and customers saying Agentforce "as a product, just isn't there."
Salesforce reported Q1 FY2027 current remaining performance obligation up 14 percent year over year to $33.6 billion, and CEO Marc Benioff cited Agentforce annual recurring revenue above $1 billion.

Why it matters

Salesforce has built its pitch to investors and customers around Agentforce as the product that lets it survive the so-called SaaSapocalypse, where AI agents take over enterprise tasks that used to require software seat licenses. Two independent analyst surveys, TD Cowen's partner survey and KeyBanc's CIO survey, now describe a gap between that narrative and what people actually implementing and buying the product report seeing: rising curiosity, but no real revenue and, per KeyBanc, doubts about whether the product works as promised.

Who it affects

Salesforce partners who build service and reselling businesses around Agentforce, whose own commercial targets are also softening; Salesforce customers and CIOs deciding whether to invest further in AI agent deployments; and investors trying to reconcile Salesforce's headline growth numbers, like the 14 percent rise in current remaining performance obligation, with what its channel is reporting.

How to use it

Enterprises evaluating Agentforce should weigh vendor-reported figures like the over $1 billion in annual recurring revenue against the partner-level picture: no surveyed partner reported the product driving new bookings yet. KeyBanc's finding that customers see their enterprise data as not coherent enough for meaningful AI work is a concrete pre-condition worth checking internally before committing further budget to agent deployments.

How solid is it

The account rests on two independently produced analyst surveys reaching similar conclusions, TD Cowen's partner survey across three regions and KeyBanc's CIO survey from the prior month, which strengthens the pattern beyond a single source. Neither report's sample size is disclosed, and the article gives no precise publication date for either, only "recent" and "last month." Salesforce did not comment by publication.

Risks and caveats

The $33.6 billion current remaining performance obligation figure covers Agentforce, Data 360 and Slack together, so the 14 percent growth cannot be attributed to Agentforce alone. The over $1 billion Agentforce annual recurring revenue figure is Salesforce's own disclosure, not broken down by region or customer segment or compared to a prior period. Undisclosed survey sample sizes limit how far the partner-level findings can be generalized across Salesforce's full ecosystem.

“We are seeing incredible demand for Agentforce with annual recurring revenue now greater than $1 billion”

— Marc Benioff, Salesforce CEO