With the 2014 Sochi Winter Olympics and FIFA 2018 World Cup on the horizon, Russia is set to spend big on infrastructure over the next few years.
A report by Frost & Sullivan reveals the country is expected to invest around $626bn (€486bn), and while Russia does have plenty businesses with the local networks and technical capability to do such work, there will be opportunities for international suppliers.
The security market is one area that should see a boost alongside infrastructure investment.
"Infrastructure growth is an important indicator of security demand," says Steven Webb, Frost & Sullivan Vice President for Aerospace, Defence & Security.
"The largest infrastructure programmes have been planned for oil and gas, mass transportation and electricity generation. Oil and gas is critical to the Russian economy, and ensuring secure supply is essential."
The looming sporting events will be a catalyst to improve the security of cities, too, namely through Safe City deployments, centralised security command centres that are controlled across a number of agencies.
Security is always a high priority in any Olympic city and the 2014 host Sochi will be no different.
Furthermore, Russia is expected to invest in its border and maritime security as it moves forward with its modernisation programme. Outdated physical security will be replaced with advanced, intelligent alternatives, such as radar, night vision technology and surveillance cameras.
Firms looking to tap into the Russian security market should look local, building relationships with regional integrators.
"Technology for complex security requirements is improving, and Russian organisations will increasingly compete for work in international markets,” says Mr Webb.
There are gaps in the technology market, he adds, and one way to address this is to build partnerships with the relevant organisations.
Companies looking to take advantage of Russia's growth will need to comply with complex local governance and regulatory requirements; speak to the local experts in TMF Group's Moscow office about doing business in Russia.