SAP CEO: defense industry is now the fastest-growing business as military budgets surge

SAP CEO Christian Klein said the defense industry is now the company's fastest-growing business segment as military budgets surge across NATO countries, Bloomberg reported. Defense spending has accelerated following the Iran conflict and ongoing European security concerns. SAP provides enterprise resource planning software used by defense contractors and military organizations worldwide. Klein's comments signal a strategic shift for SAP, which has traditionally focused on commercial enterprise customers.