- The U.S. TMT sector was the second-largest industry by inbound M&A deal count in 2024, according to Statista.
- TMT led all sectors by deal value at roughly US$439 billion, ahead of Energy, Mining & Utilities.
- Within TMT, technology—especially software—dominated activity, representing the majority of both deal volume and value.
- Overall TMT deal volume fell from 2023, but aggregate value rose on the back of larger megadeals and strong private equity participation.
Read More
The recently published Statista “Number of inbound merger and acquisition (M&A) deals in the United States 2024, by industry” identifies the TMT macro‐industry as the second‐largest sector in terms of deal count in 2024. It implies that no other industry—except one—surpassed TMT in M&A transaction volume targeting U.S. companies. [1]
Complementary metrics show that TMT was also the top sector by deal value in the same period: approximately US$439 billion of U.S. M&A value in TMT, ahead of the Energy, Mining & Utilities sector at US$275 billion. [2]
Granular analysis from PwC confirms that within TMT, technology (particularly software) accounted for approximately 83% of deal volume and about 75% of deal value in 2024. Software alone comprised ~65% of the technology‐sector deal value component. [3]
However, this strength masks a mix of patterns: the overall number of TMT deals declined from 2023 to 2024 (volume down), but the aggregate value increased, a function of more large (megadeal) transactions and higher valuations in select subindustries. [4]
Strategic implications for investment banking, corporate M&A strategy, and private equity include prioritizing targets in software and related tech with recurring revenue models, preparing for higher regulatory scrutiny (especially cross‐border or megadeals), and monitoring cost of capital trends. Additionally, industries that ranked just above or close to TMT in deal count may represent competitive pressure or alternative destinations for deal flow and capital.
Open questions remain: which industry ranked first in M&A deal count? What thresholds define “inbound” in the Statista data (purely foreign acquirers vs. all transactions involving U.S. targets)? And how sustainable is the increase in value amid economic and regulatory headwinds?
Supporting Notes
- The Statista statistic confirms that “between January and December 2024, there were [data masked] merger and acquisition (M&A) deals in the technology, media and telecommunication macro industry in the United States,” and that “it was the second-largest sector for M&A deals in the U.S.” by deal count. [1]
- An independent estimate attributed ~US$439 billion of U.S. M&A value to the TMT macro‐industry in 2024, placing it first by value, followed by Energy, Mining & Utilities at ~US$275 billion. [2]
- According to PwC, in 2024 the technology subsector made up approximately 83% of TMT volume and 75% of TMT value, with software alone contributing ~65% of technology deal value. [3]
- PwC also reports that while TMT deal volume fell (~27% globally vs. 2023), value rose—especially in technology—driven by larger deals and substantial private equity participation. [4]
Sources
- [1] www.statista.com (Statista) — April 2025
- [2] www.statista.com (Statista) — April 2025
- [3] www.pwc.com (PwC) — January 2025
- [4] www.pwc.com (PwC) — January 2025