India's security market is expected to double to $16 billion (Rs 73,000 crore) by 2018, opening up vast opportunities for the private sector, experts said today.
By 2018, the homeland security market comprising of capital spend from the government, private sector and some export demand is likely to be worth $16 billion.
It is expected to expand to $13 billion by 2014, opening up significant opportunities for the private sector, said security experts and policy makers at INDESEC conference-cum-expo organised by industry body Assocham and the Ministry of Micro, Small and Medium Enterprises.
"The government and industry should collaborate to upgrade and modernise security systems and communication networks," Chairman of the Parliamentary Standing Committee on Home Affairs M Venkaiah Naidu said.
Meanwhile, Assocham's National Defence Council Chairman PC Bhasin said there is a plethora of state security agencies with minimal ability to coordinate while dealing with the threats in an effective manner.
Homeland security is an umbrella term for security efforts to protect a country against terrorist activity. It is a concerted national effort to prevent terrorist attacks by reducing its vulnerability, minimising the damage and recovering quickly from attacks.
Over 100 exhibitors from 25 countries are participating in the meet.