Largely this has to do with the financial market. In the US capital is extremely cheap, the root cause of that can be traced back to the petrodollar system. US

Largely this has to do with the financial market. In the US capital is extremely cheap, the root cause of that can be traced back to the petrodollar system. US cherry-picking on- and intelligence inference in EU economic actors is way higher than the very meager reverse. If a EU company becomes successful or strategically interesting, it will typically be bought out by the US to be assimilated or disrupted. In software US befitted immensely from a more homogeneous home market at a time where internationalization was very far from trivial and higher costs of software development favored a more coarse business granularity (in the EU a 'large' company starts at 251 employees). All these taken together means the EU software market is disproportionately skewed towards bespoke B2B software development and embedded systems linked to more traditional industries such as automotive.