A newÂ Research and MarketsÂ report predicts that U.S. spending on defense programs will grow 5.7 percentÂ year-over-year to reach nearly $798 billion by 2022.
The U.S. spent about $586.7 billion on defense during 2017 and is projected to have the largest defense expenditure in the world over the next four years,Â Research and MarketsÂ said Wednesday.
The report also forecasts the U.S. homeland security budget will climb to $87 billion in 2022 at a 5.5 percent compound annual growth rate.
Growth in homeland security funding will be driven by counterterrorism, border protection, immigration security, cybersecurity and disaster resilience efforts.
U.S. was the largest defense exporter worldwide during theÂ 2012 to 2016 period and will likely maintain its lead over the forecast period, largely due to the increase in the defense budgets of U.S. arms buyers such asÂ Australia, India, Saudi Arabia, Turkey, Taiwan and others.