A report from S&P Global shows that AI trading has reached record levels and software is dominating investor interest.
Artificial intelligence has become a central force in mergers and acquisitions in North America, with deals reaching unprecedented levels and expanding far beyond the technology sector, according to a new report from Wiz Intelligence, now part of S&P Global.
The April 2026 report, “AI Deals: Activity Continues to Increase Across Industries,” found that AI-related deals reached record highs from 2021 to 2025, with activity accelerating significantly from 2023 onwards. During that five-year period, 1,634 AI-related transactions were completed across North America.
Last year, the pace accelerated dramatically. The number of transactions in 2024 was 375, which rose to 589 in 2025, an increase of 57% year-on-year.
AI deals are a big part of the broader M&A market. In 2021 and 2022, AI trades accounted for only 2% of all trades. By 2025, that number will increase to more than 7%, highlighting the technology’s growing strategic importance for both corporate acquirers and private equity investors.
“AI-related trading activity in North America reached new highs from 2021 to 2025, with trading volumes accelerating sharply from 2023 onwards. Over the past two years, the share of AI trading has nearly doubled, confirming AI as a key focus for investors and companies alike,” the report said.
Software has emerged as a major investment destination for AI. Between 2021 and 2025, this sector accounted for 1,183 deals, or 72% of all AI-related deals.
Fintech momentum
According to the report, “Professional services, financial technology, industrial products, and IT services are also gaining momentum. In the software space, business intelligence and process automation remain the largest sub-industries, reflecting the demand for data-driven tools that increase efficiency. Healthcare analytics, human resources and employee support systems, and marketing software are also growing, demonstrating the growing reach of AI in both business operations and customer engagement. AI is much more than a niche innovation.”
Within software, AI-related deals will grow from about 7% of all software deals in 2021 to nearly 30% in 2025, highlighting how artificial intelligence has evolved from a specialized feature to a standard component of software products.
The report also found that adoption is increasing in other industries as well. In fintech and data, AI deals now account for almost 15% of all deals, with investment in professional services, industrial products, and IT services also increasing as companies look to incorporate AI into their core operations.
The composition of deal sizes has changed as well. While deals under $50 million still account for more than two-thirds of the market, 2025 included several large acquisitions, with 8% of reported deals valued at $2 billion or more.
The report cites two notable software deals. Bow River Capital’s acquisition of MEquilibrium in a deal worth between $10 million and $49 million, and Workday’s acquisition of Paradox Inc. in a deal valued between $2 billion and $5 billion.
The infrastructure that supports AI development is also attracting attention. The report noted that although trade tensions and tariffs slowed activity in some areas during 2025, investments in data centers, power systems, and hardware needed to train and deploy large-scale models are increasing.
Wiz Intelligence said the continued increase in AI transactions reflects its strong belief that artificial intelligence will continue to be a long-term driver of innovation, operational efficiency and business transformation across industries.
