(MENAFN) Germany, which accounts for almost 6 percent of annual global information technology (IT) revenues, has been struggling to create new global players since SAP, the business software company which was founded more than 40 years ago and to compete with the growing US market, Gulf News reported.
For years, the country has been counting on its high-tech machinery and automobiles, but these industries have become increasingly mediated by software and communication technologies and causing Germany to worry that the IT deficit could become its weakness and prevent it from expanding its economy.
These worries are largely due to German business culture, which is known to be less tolerant of risk-taking and failure, compared with the US as well the country having very hard rules in terms of opening new companies or its criminal implications for companies if they go into bankruptcy.
However, some companies are trying to face this deficit by expanding into the software business like Bosch, the company which products range from coffee machines, dishwashers as well as power tools and fuel-injection, which announced expanding its software division.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.