Global M&A trends and risks 2026, in association with Norton Rose Fulbright, features insights from 200 senior executives from multinational corporates, large private equity (PE) firms and major investment banks to highlight the opportunities and risks for dealmaking in 2026.

The findings show that 52 percent of respondents expect global dealmaking to increase in 2026 relative to 2025, including 20 percent who forecast a significant increase. This is a notable uptick from last year’s survey, in which just 38 percent expected M&A activity to rise.

Key findings include:

• Technology on top as AI reshapes deal strategies: Technology is set to lead growth in cross-border M&A in 2026, with 67 percent of respondents ranking it as the top sector for expansion, well ahead of industrials and energy. AI continues to stand out, with 78 percent of respondents expecting it to offer the most attractive dealmaking opportunities this year, up from 60 percent in 2025.
• Private equity dry powder and private credit underpin deal momentum: A glut of private equity dry powder is expected to drive deal activity in 2026, with 48 percent of respondents naming it as a top-three driver of global M&A.
• Regional trends point to selective optimism: The United States and Europe are expected to be among the strongest M&A markets in 2026, with 48 percent and 43 percent of survey respondents, respectively, anticipating a significant increase in deal activity for each region. In Asia Pacific, confidence is improving, driven by consolidation, supply chain resilience and non-core disposals.
• Valuation gaps forecast as greatest barrier: Valuation gaps are forecast to be by far the biggest obstacle to completing M&A deals in the year ahead, cited by 48 percent of respondents as a top-three challenge. This places them ahead of geopolitical uncertainty (39%) and financing constraints (37%).
• Use of deal insurance expected to increase: More than half (58 percent) of respondents expect the use of R&W/W&I insurance to increase in 2026 compared with last year, including 32 percent who anticipate a significant increase. This is particularly evident in South and Southeast Asia and Africa.