Salesforce’s flagship AI agent platform is struggling to convince customers of its value, according to an investment bank.

The SaaS giant has bet the farm on AI agents, hoping they will fetch and carry data from its systems into a conversational UI, according to its vision of headless CRM.

The cornerstone of the strategy is Agentforce, which the vendor promises will help customers build, test, deploy, manage, and orchestrate AI agents in the enterprise.

However, a report from KeyBanc Capital Markets cites its recent CIO survey, which found customers did not view the CRM plan favorably.

"Our checks and customer conversations have not been strong, nor has the feedback been on Agentforce. What we can piece together in the disclosed numbers does not signal building momentum and, most recently, our CIO survey delivered another blow with Salesforce being a standout for the wrong reasons," the report says.

The report, authored by Jackson Ader, the investment bank's managing director for software equity research, and three other analysts, says KeyBanc Capital Markets view of Salesforce was not down to the negative perception of software companies generally — the so-called SaaS-pocalypse.

"We attend more Salesforce partner and customer events than any other company in our coverage, and feedback from those customers has been consistent in two ways: 1) customers' data is not in order to do meaningful AI work; and 2) Agentforce, as a product, just isn't there," it claims.

"Partners we speak with are just now beginning to convert Agentforce proof of concepts into deals in the pipeline, and more CIOs in our survey expect to deprioritize Salesforce within their IT budget than the other way around over the coming 12 months."

A Salesforce spokesperson told The Register: "Agentforce is the fastest-growing product in Salesforce history, with customers like Engine, Falabella, and AAA going live in weeks, not months. We’re focused on helping customers move faster, including through forward-deployed engineers and out-of-the-box agents."

The KeyBanc report says Salesforce is presiding over "aggressive price increases" while the majority of customers are "not willing to pay for AI capabilities through their CRM provider." Salesforce, nonetheless, has retained a commanding position in the CRM market, the investment bank says.

Speaking of pricing, back in January, Gartner warned Salesforce users that a capped enterprise agreement for its AI and data platforms may not be available when they come to renew these deals, potentially meaning customers could struggle to predict costs and understand value – although Salesforce strongly disputed this contention at the time. Bill Patterson, Salesforce EVP, Corporate Strategy, told us at the time, "The claim that we are moving away from capped agreements is inaccurate." 

Meanwhile, an earlier report from global equity research firm Bernstein said Agentforce was "still in early stage of adoption" and would not drive Salesforce’s growth in the short term.

"Consumption-driven monetization at AgentForce will take longer than most expect. We also believe that AgentForce will be most successful in the company’s core CRM market and not that well-used outside the core as there are other AI platforms and many SaaS vendors and the hyperscalers are offering their own AI functionality," the report says.

Wall Street bettors seem to share this bearishness toward the company in general, sending its stock down over 36% this year. ®