The M&A market in technology, media and telecommunications (TMT) experienced a significant slowdown in 2024.
According to PwC Global & Italian M&A Trends in TMT – Outlook 2025, global deal volume fell by 27%, from 15,219 transactions in 2023 to 11,049 in 2024.

The Italian market followed a similar path, with a 28% decrease in transactions (from 337 to 241), and a particularly sharp contraction in the technology segment (-32%).

A tactical pause, not a structural shift

The decline reflects broader macroeconomic conditions: inflation, high interest rates and more selective capital deployment.
In Italy, corporate investors scaled back significantly (-43%), while financial investors showed greater consistency (-6%).

Winnerge reads this as a tactical slowdown rather than a structural change. A temporary adjustment, while waiting for more favourable market conditions.

Outlook for 2025: AI, digital infrastructure and renewed momentum

The outlook for 2025 is more positive. Anticipated interest rate cuts and strong demand for innovation are expected to reignite M&A activity.
The main drivers shaping the next cycle include:

• Increased adoption of AI-based solutions
• Investments in cloud and data infrastructure
• Exit strategies on mature portfolio assets by private equity
• Consolidation across high-specialisation verticals

Clear trends are emerging, such as the integration of high-performance technologies, business process automation, and growing interest in digital infrastructure, especially data centres and cloud platforms.

Telco and media: rationalisation and a shift toward B2B

In telecommunications, consolidation and business realignment continued. The focus is shifting toward B2B services, particularly in cloud, cybersecurity and IoT, with M&A used to rapidly acquire strategic capabilities.

In the media segment, portfolios are being progressively reshaped. Traditional operators are divesting non-core assets and prioritising digital content, owned platforms and advanced data-driven monetisation models.

SMEs positioned to play a strategic role

For SMEs operating in the tech space, the current environment presents concrete opportunities. Their combination of vertical expertise, agility and innovation makes them attractive targets for industrial players or financial platforms seeking growth through acquisition.

At the same time, SMEs with the right ambition may consider selective acquisitions to accelerate scale and strengthen market positioning.
In both cases, M&A remains a strategic lever to compete and grow in high-tech environments.

Conclusion

2024 marked a strategic pause, not a retreat. If the outlook materialises, 2025 could signal the beginning of a new cycle in which M&A once again becomes central to transformation and growth strategies.

For companies in specialised markets, preparing on an industrial, financial and organisational level means being ready when the momentum returns.