The incumbents don't always have to be "eaten". Was banking swallowed up by new tech companies? No, banks gradually increased their use of software and adapted.
A lot of advances are gradual, and if you are a large company you will have time to react.
Oh right I didn't mean that a different breed of "tech company" gets to outcompete incumbents, just that an industry's prevailing view of software as "just another cost center" cedes way over time to software as core to the business — which can happen through internal transformation or through external disruption. Software eventually becomes a core component of almost every industry.
A lot of advances are gradual, and if you are a large company you will have time to react.