India's spending on homeland security to double by 2020
India currently accounts for 3.4 percent of expenditures in the global homeland security market, but during the next ten years India’s share of the market will nearly double, to 6 percent, driven by rapid GDP growth, growing terrorism problems, and the need to modernize antiquated police equipment
India’s share in the global homeland security expenditure would almost double to 6 percent in the next ten years, due to high economic growth and increasing threat of terrorism in the country, a study said. “By 2020, about 6 percent of global procurement in the field of homeland security is expected to be emanated from India,” the report said.
Economic Times reports that India currently accounts for 3.6 percent of the global homeland security expenditure, the study said.
Britain, Germany, and France, too, would emerge as big players in global homeland security market relative to the present situation, while the United States continues to be a dominant player with about 34 percent of global procurement in this field, the joint study of KPMG and Assocham said.
India offers huge potential for firms engaged in the sector due to its high GDP growth, obsolete equipment, and modernization of police and paramilitary forces, it said.
The study also said that besides India, China and Turkey are among the other countries that are expected to exhibit the fastest market growth in this sector.
