In a survey of 553 corporate and private equity leaders, merger and acquisition professionals, investors and advisors, KPMG found that they are turning increasingly to mergers and acquisitions in pursuit of growth.

The tax, audit and advisory firm’s “U.S. Executives on M&A: Full Speed Ahead in 2016” study reports that 91 percent of respondents intend to initiate at least one acquisition in 2016, up from 63 percent in 2014. Emphasizing the increased appetite for M&A, the study found that 43 percent of respondents expect to make five acquisitions or more in 2016.

“U.S. corporate leaders and private equity executives are indicating that we can expect a very bullish outlook for M&A in 2016,” says Dan Tiemann, KPMG’s national service group leader for Deal Advisory and KPMG Strategy. “They are pursuing aggressive growth plans using M&A to fundamentally expand their capabilities or evolve business models to access new customers or introduce new products.”

KPMG’s survey indicates a shift in executives’ focus from consolidation and firming up their positions, to expansion. Primary motivators behind their expansions include new lines of business (37 percent), expanding their customer base (37 percent) and geographic reach (36 percent). However, the survey did identify some potential stumbling blocks, with 42 percent of executives seeing a potential for a slow growth environment and 69 percent saying that current market valuations are not sustainable.

The heaviest deal activity is expected to take place in the technology sector (70 percent)—up from 47 percent in 2015’s survey—and the pharmaceutical and biotechnology sector (60 percent)—up from 33 percent in 2015. Other notable sectors include financial services (48 percent), healthcare (47 percent) and media/telecommunications (42 percent).

Click here for an infographic and more information from KPMG’s survey.