Dealonomics – the sectors set to dominate M&A through to 2030

Our new international M&A report, Dealonomics, reveals the sectors that have led global dealmaking over the past six years – and those that are set to dominate the rest of the decade.  

Drawing on findings included in the report, and insights shared during our sector-focused panel at the M&A Summit, below we discuss what sectors are proving popular and the factors that are influencing global dealmaking.  

The sectors that dealmakers expect to be most active through to 2030 are: 

• Technology, media and communications (TMC).
• Energy and infrastructure.
• Life sciences and healthcare.

Technology, media, and communications

Between 2018 and 2024, the technology, media, and communications sector completed more cross-border M&A deals than any other sector. Our analysis found that TMC deals delivered strong one-month post-deal performance for acquirers, underscoring the sector’s ability to generate near-term value. 

In a space defined by speed, creativity, and constant evolution, M&A has become a strategic shortcut to innovation. For many companies, acquiring a new technology, AI capability, or engineering team is more effective than building in-house. 

Why it matters: 

• Why buy? Time to market, access to innovation, and valuable intellectual property. 
• Common deal types: Strategic acquisitions, acqui-hires, and bolt-ons. 
• Key success factor: Cultural alignment – deal failure often stems from poor integration. 

Looking ahead, the US and UK are expected to be the most attractive regions for tech M&A, driven by innovation ecosystems and investor appetite. In this space, M&A is both offensive (for scaling or diversification) and defensive (to avoid disruption). 

Life sciences and healthcare 

The life sciences and healthcare sector has seen a dramatic surge in M&A activity since the COVID-19 pandemic, producing some of the largest deals in recent history. For deals above US$250 million, the average deal size exceeded US$4 billion over the past six years. 

With a significant number of patents due to expire and earlier acquisitions now stabilised, the sector is entering another robust M&A cycle. Life sciences firms are freeing up capital to pursue acquisitions that extend pipelines and unlock commercial partnerships. 

Why it matters: 

• Why buy? Pipeline expansion, licensing, and R&D partnerships. 
• Deal focus areas: Oncology, neurology, and cardiovascular.  
• Sector dynamic: Small acquisitions can yield large returns due to global distribution power. 

In the sector, M&A is often a strategic response to long R&D timelines. Early-stage bio-techs are built with acquisition in mind, while larger firms rely on scale and global reach to commercialise innovation efficiently. 

Energy and infrastructure 

The energy and infrastructure sector is projected to be the second most active sector for cross-border M&A between now and 2030, driven by global energy transition efforts and infrastructure investment. 

Dealmaking is being fuelled by long-term net zero commitments, decarbonisation strategies, and geopolitical shifts. Investments are flowing into emerging technologies such as renewables, battery storage, and carbon capture, where M&A provides access to strategic, future-proof assets. 

Why it matters: 

• Why buy? Asset diversification, regulatory arbitrage, and access to green technology. 
• Challenges: Political uncertainty, long return-on-investment cycles, and high capital intensity. 
• Incentives: Government tax credits and subsidies are essential to de-risk investments. 

However, regulatory unpredictability remains a major concern. 43% of energy and infrastructure dealmakers say the US regulatory environment could hinder M&A success, especially if policy momentum around decarbonisation slows. 

Aerospace and defence 

M&A activity in the aerospace and defence sector is being driven by national priorities: sovereign capability, security, and supply chain resilience. Amid rising geopolitical tensions and rearmament programmes, the sector is experiencing heightened deal interest. 

Why it matters: 

• Why buy? Consolidation, strategic independence, and proprietary technology. 
• Constraints: Regulatory approval and foreign direct investment (FDI) controls. 
• Outlook: Strong cross-border appetite, but under high regulatory scrutiny. 

Expect ongoing carve-outs and consolidation, along with targeted investments in AI, cyber security, and autonomous systems that support dual-use civilian and defence applications. 

Consumer 

The consumer sector is undergoing a digital shift, using M&A to incorporate AI, data analytics, and omnichannel capabilities. But amid the enthusiasm, caution is rising. Buyers are sceptical of businesses that position themselves as tech-driven without true technological depth. 

Why it matters: 

• Why buy? Customer insights, digital reach, and data-driven personalisation. 
• Risks: Valuation bubbles and shallow tech transformation.  
• Due diligence focus: Tech stack, scalability, and cyber security. 

Specialist advisers are now frequently deployed to vet AI claims and ensure that brands are building genuine innovation, not just capitalising on market hype.  

Conclusion 

Across various sectors, M&A has evolved from a growth tactic into a strategic necessity. Whether motivated by disruption, innovation, regulation, or resilience, the sectors spotlighted in Dealonomics are shaping the future of dealmaking – and defining what it takes to compete in the future.