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KPMG AI Quarterly Pulse Survey
Enterprises shift from AI experimentation to large-scale production in 2026
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AI at Scale: How 2025 Set the Stage for Agent-Driven Enterprise Reinvention in 2026
Insights from the KPMG Q4 AI Pulse Survey reveal business leader priorities that will drive agents into the enterprise in 2026, led by continued investment in the technology and critical foundations, from the workforce to cybersecurity.
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Executive Insights: Year in review
As organizations double down on AI agents, they are pivoting from exploration to building robust, reliable systems. This report analyzes how organizations are tackling deployment complexity, driving enterprise value, and redefining ROI.
How did enterprise AI priorities evolve during 2026?
Grounded in eight consecutive quarters of proprietary research, findings from the KPMG AI Quarterly Pulse Survey reveal a clear shift from experimentation to enterprise discipline. Organizations are moving beyond initial AI agent deployments and are now preparing to scale agentic systems enterprise-wide. As agents became more autonomous and interconnected: cybersecurity, data privacy and quality, transparency, and, most important, trust is paramount. In short, scaling agentic systems hinges not only on ambition, but increasingly on governance, trust, and platform rigor.
How have AI investment and deployment changed in the past year?
If 2025 was considered the "year of the agent," then 2026 marks the emergence of the "agent orchestrator," a period in which AI is fundamentally reshaping how businesses generate value, operate, and grow. In 2025, initial enthusiasm led to large-scale production, with average investment climbing from $114M in Q1 to $130M in Q3. Agent deployment also saw significant growth, more than doubling from 11% in Q1 to 26% in Q4.
What is the most surprising change in corporate attitudes about AI?
Organizations are learning that winning with AI agents is ultimately about people—redefining roles, rebuilding skills, and embedding human-agent collaboration into daily work. Leaders are investing in this shift, with many rethinking hiring, expecting agents to manage projects, while humans manage the agents. The companies pulling ahead are treating AI as a core business strategy, expanding their agent ecosystems, and building the infrastructure to scale confidently and creatively across the enterprise.
What are the key findings from the Q4 2025 Pulse Survey?
1
Capital commitment continues amid ROI realism.
Fifty-nine percent of enterprises expect to see measurable ROI within 12 months, as organizations institutionalize AI, increase planned spending, and shift their focus from quick wins to platform-level transformation.
Fifty-nine percent of enterprises expect to see measurable ROI within 12 months, as organizations institutionalize AI, increase planned spending, and shift their focus from quick wins to platform-level transformation.
2
Agentic AI realized mainstream adoption.
Agent deployment surged in 2026, with more than 26% of organizations actively using AI agents by Q4—a significant increase from just 11% in Q1. This rapid growth marks a progression to mainstream adoption where teams can scale multi-agent systems with robust controls, improved observability, and reliable data foundations.
Agent deployment surged in 2026, with more than 26% of organizations actively using AI agents by Q4—a significant increase from just 11% in Q1. This rapid growth marks a progression to mainstream adoption where teams can scale multi-agent systems with robust controls, improved observability, and reliable data foundations.
3
System complexity is now the #1 deployment challenge.
System complexity has become the primary bottleneck, with multi-agent orchestration, reliability, and traceability now surpassing all other deployment challenges as organizations scale from prototypes to production at scale.
System complexity has become the primary bottleneck, with multi-agent orchestration, reliability, and traceability now surpassing all other deployment challenges as organizations scale from prototypes to production at scale.
4
Trust, cyber, and data constraints intensified through the year.
As cyber, privacy and data quality risks spike, scaling hinges on trust-first architecture—making hardened security and clean data prerequisites for safe, enterprise-wide agent operations.
As cyber, privacy and data quality risks spike, scaling hinges on trust-first architecture—making hardened security and clean data prerequisites for safe, enterprise-wide agent operations.
5
Workforce transformation and skill development are scaling fast.
Talent strategies are catching up with an emphasis on hands‑on agent training and expert shadowing.
Talent strategies are catching up with an emphasis on hands‑on agent training and expert shadowing.
6
Governance and board oversight are critical to success.
There has been a sharp rise in board‑level AI expertise signaling a shift to disciplined, enterprise‑grade stewardship.
There has been a sharp rise in board‑level AI expertise signaling a shift to disciplined, enterprise‑grade stewardship.
Dive into our thinking:
AI Q4 2025 Pulse Survey: Key findings
Organizations shift from rapid agent growth to controlled scaling
AI isn’t just an investment, it’s becoming the backbone of enterprise strategy. What the numbers don’t show is the growing divide: while some organizations stall after early deployments, the leaders are scaling fast and pulling ahead. For those treating AI as a true disruptor, this isn’t about catching the next wave; it’s about agents fundamentally changing how value is created and sustained across the enterprise.
Steve Chase
U.S. Vice Chair and Global Head of AI and Digital Innovation
How AI investment shifted in 2025
INDUSTRY FOCUS
AI Is emerging as core infrastructure across industries
Across banking, asset management, private equity, and TMT, AI is rapidly shifting from experimentation to enterprise‑wide execution. Leaders are investing decisively in AI to drive resilience, scale, and measurable value, while embedding it into daily workflows and long‑term operating models. As adoption accelerates, organizations are strengthening risk management and governance and rethinking talent strategies to ensure AI delivers sustainable, responsible impact.
With agentic deployments and recession-proof investments, banks move decisively into an AI-enabled future
The banking industry is increasingly incorporating AI as a core element of future operations and growth, with leaders indicating that it will remain a priority even in the event a recession occurs in the next 12 months. Many institutions are already deploying or piloting AI agents, reflecting a shift toward broader integration of AI as part of daily workflows. As AI adoption expands, banks are simultaneously strengthening risk‑management capabilities and adjusting workforce strategies to support responsible and effective use.
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Asset management and private equity leaders are doubling down on AI to drive value and talent transformation
Leaders in Asset Management and Private Equity are advancing their AI strategies as they navigate margin pressures and heightened expectations from investors and boards. Firms are committing substantial resources to AI over the coming year, establishing clearer pathways to measurable outcomes while simultaneously increasing their focus on talent by offering compensation premiums for strong AI capabilities. Looking ahead, macroeconomic conditions and the pressure to demonstrate value are expected to play a central role in shaping AI decisions across the Asset Management and Private Equity sectors.
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TMT is setting a new standard for scale, speed, and value creation in the era of AI
As the builders of the digital ecosystem, TMT companies are setting the pace on AI, viewing it beyond just an efficiency tool and rather as essential infrastructure. According to the KPMG AI Quarterly Pulse Survey – TMT, industry leaders recognize that success depends not only on speed to market but on the quality and reliability of AI-enabled offerings. This reality is fueling the race for AI talent, reshaping compensation models and redefining what critical skills look like in the sector.
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Banking
With agentic deployments and recession-proof investments, banks move decisively into an AI-enabled future
The banking industry is increasingly incorporating AI as a core element of future operations and growth, with leaders indicating that it will remain a priority even in the event a recession occurs in the next 12 months. Many institutions are already deploying or piloting AI agents, reflecting a shift toward broader integration of AI as part of daily workflows. As AI adoption expands, banks are simultaneously strengthening risk‑management capabilities and adjusting workforce strategies to support responsible and effective use.
Download PDF
Asset Management & Private Equity
Asset management and private equity leaders are doubling down on AI to drive value and talent transformation
Leaders in Asset Management and Private Equity are advancing their AI strategies as they navigate margin pressures and heightened expectations from investors and boards. Firms are committing substantial resources to AI over the coming year, establishing clearer pathways to measurable outcomes while simultaneously increasing their focus on talent by offering compensation premiums for strong AI capabilities. Looking ahead, macroeconomic conditions and the pressure to demonstrate value are expected to play a central role in shaping AI decisions across the Asset Management and Private Equity sectors.
Download PDF
Technology, Media and Telecommunications
TMT is setting a new standard for scale, speed, and value creation in the era of AI
As the builders of the digital ecosystem, TMT companies are setting the pace on AI, viewing it beyond just an efficiency tool and rather as essential infrastructure. According to the KPMG AI Quarterly Pulse Survey – TMT, industry leaders recognize that success depends not only on speed to market but on the quality and reliability of AI-enabled offerings. This reality is fueling the race for AI talent, reshaping compensation models and redefining what critical skills look like in the sector.
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Looking ahead, how can organizations boost AI value?
Based on the KPMG AI Quarterly Pulse Survey, leaders are taking the following steps:
1
Making reliability the KPI
Shifting focus from agent counts to operational metrics like control, reliability, transparency, and security.
Shifting focus from agent counts to operational metrics like control, reliability, transparency, and security.
2
“Platformizing” the stack
Investing in data pipelines, observability, and policy enforcement to manage multi-agent complexity and consistent performance.
Investing in data pipelines, observability, and policy enforcement to manage multi-agent complexity and consistent performance.
3
Redesigning roles and metrics
Formalizing human-agent collaboration and updating responsibilities, skills and outcomes for effective monitoring of outcomes-based measurement.
Formalizing human-agent collaboration and updating responsibilities, skills and outcomes for effective monitoring of outcomes-based measurement.
4
Elevating board governance
Tying AI spending to enterprise value with clear guardrails to minimize risk.
Tying AI spending to enterprise value with clear guardrails to minimize risk.
5
Resuming scale—deliberately
Re-accelerating deployment once controls are in place, and shifting ROI focus from quick wins to transformational value at the business process and P&L levels.
Re-accelerating deployment once controls are in place, and shifting ROI focus from quick wins to transformational value at the business process and P&L levels.
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Steve Chase
Global Head & US Vice Chair – AI & Digital Innovation, KPMG LLP
Steve Chase
Global Head & US Vice Chair – AI & Digital Innovation, KPMG LLP