Global mergers and acquisitions (M&A) value reached $2.09 trillion in the first eight months of 2026, up 15% from a year earlier and 11% above the 10-year average, according to Boston Consulting Group. The recovery was concentrated at the top of the market: transactions worth $10 billion or more rose to 37 from 24 a year earlier and exceeded the 32 recorded in the same period of 2021, although 2026 value remained 28% below 2021's $2.91 trillion. Deal volumes below $1 billion, including transactions between $250 million and $1 billion and those under $250 million, remained below longer-term norms, excluding inflation. North America accounted for more than half of global deal value, while European value rose 43% to $541 billion and Asia-Pacific activity fell 27%. BCG said execution—not capital or strategic appetite—is now the main constraint, citing asset readiness, valuation gaps and operational and regulatory hurdles. Its M&A Sentiment Index rose to 83 from 79 but remained below its long-run average of 100. Artificial intelligence is encouraging some transactions while making others harder to value and close. Disclosed crypto M&A value reached a record $9.66 billion in the first half of 2026 even as announced deals fell 25% to 87.