Most executives attending the Reuters Global Technology, Media and Telecoms Summit last May said they expect more mergers and acquisitions in their sectors, whether that be software, computer services or network operators.

Even with the pullback in private equity-led leveraged buyouts, the tech industry has seen no shortage of dealmaking this year, including HP's agreement to buy Electronic Data Systems for an equity value of $13.2 billion. And the biggest deal this year may be yet to come, with Microsoft and Yahoo still giving each other backward glances.

Data from Dealogic shows technology companies globally have announced 1,991 M&A deals in the year to date, a 16 percent increase from the same period last year. But smaller deals mean the total value fell to $94 billion from $105 billion.

Reflecting the "small is beautiful" trend, executives from software makers such as Adobe Systems and McAfee expressed more interest in acquiring specialized technologies than in big, transformative mergers.

"Expect to see us do more of these small acquisitions," said Adobe CEO Shantanu Narayen, referring to companies with 10 to 50 employees that could fill technology gaps. "That really is more the sweet spot of where we're looking."