Cybersecurity industry sees annual growth at 20%
The cybersecurity industry is seeing rapid expansion, particularly in application security, where we operate. This segment is expected to grow at a CAGR of 20%, driven by evolving cyber threats and increasing regulatory requirements.
Seeking to cash in on this trend, Appknox, which was founded in 2014 in Singapore, and is a leader in mobile application security, is targeting a 2.5X growth in 2025, alongside maintaining a Net Retention Revenue (NRR) of 120%, said Subho Halder, CEO of Appknox.
The GCC region is a top priority for Appknox, contributing to one-third of its total revenue. Its expansion strategy for 2025 focuses on five key areas:
1. Regulatory Compliance: Appknox is already compliant with SAMA, TDRA, and Department of Health (DoH) guidelines and are actively working towards obtaining OCERT and similar certifications across GCC countries to further enhance trust and adoption.
2. Data Sovereignty: The company is heavily investing in local cloud hosting. It has partnered with Oracle in KSA and are in discussions with Azure for the wider GCC to ensure data remains within regional boundaries.
3. Government & Enterprise Collaboration: Appknox aims to deepen engagement with government entities and large enterprises, addressing their growing mobile security needs as they undergo digital transformation.
4. Strengthening Regional Partnerships: It plans to expand its network of SIs, MSSPs, and resellers to offer tailor-made security solutions.
5. Building a Stronger Local Presence: Appknox aims to expand its on-ground team in the GCC, reinforcing our commitment to this high-growth market.
'By focusing on these strategic initiatives, we aim to solidify our leadership position and drive further growth in the Middle East,' Halder said.
Appknox has developed more than 200 comprehensive test cases and has a global client base of 500+ enterprise customers. 'Additionally, we recently launched Storeknox, a groundbreaking solution designed to protect organizations from security threats originating from app stores. With the rise of AI-driven threats, we are also pioneering AI-led vulnerability testing, integrating machine learning models into our security assessments to detect risks more effectively,' Halder added.
Appknox has a strong presence in several highly regulated and security-sensitive sectors like Banking, Financial Services, and Insurance, Telecommunications, E-commerce & Retail, Healthcare & Government. It currently collaborates with over 100 global partners, with a strong presence in the GCC and Middle East, where it has built partnerships with more than 50 regional partners.
Given that the GCC is a partner-driven market, we work closely with System Integrators (SIs), Managed Security Service Providers (MSSPs), and resellers across the UAE, KSA, Kuwait, Bahrain, and Oman. To streamline these partnerships, we have teamed up with BULWARK, our distributor for the UAE and KSA, helping us scale operations and meet growing customer demand,' Halder said.
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