[ascar]

I see a lot of local effort in FinTech and in Health/MedTech. I think it's because both markets usually have a massive amount of local (i.e. national) legislation and bureaucratic red tape, making international solutions less applicable than solutions from the local market.

I actually expect to see the same happening with cloud services. Don't be surprised if Google, Amazon and Microsoft cloud services are driven out of the European market, because privacy laws make it illegal to host data on a Non-EU owned company (current rulings effectively already mean this, we are just short of really enforcing it. c.f. Schrems II).