MESA, Ariz., March 21, 2023 (GLOBE NEWSWIRE) -- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI video and sensor technologies, proudly announces an update following the October launch of Iveda Philippines JV (joint venture), anticipating initial 2023 deployments to be a minimum of $3 million. Each initial smart city deployment across the region will range from $250,000 to $500,000 with recurring revenue for annual fees covering software maintenance and upgrades.
Iveda Philippines JV gives the company a presence in the quickly emerging smart city technology market and remains critical in the facilitation of relationships necessary to execute mutually beneficial, long-term contracts. During the next three years, these smart city technology deployments are anticipated to grow to upwards of $12 to $20 million––depending on the size and number of local government units––as Iveda continues enabling metropolitan areas across the globe to achieve true smart city status. This is especially important as MarketsAndMarkets predicts the smart city global market to reach $873.7 billion by 2026.
In early March 2023, Iveda met with city leaders interested in smart city technology from Quezon City, Cebu City, Bacolod City, Pasay City, Olongapo City, and Subic Bay Metropolitan Authority as well as the Philippines Department of Finance and some of the country’s largest construction and property conglomerates. These meetings followed presentations to officials in Manila, Parañaque, Mandaluyong, Mandaue, Liloan, and Davao as well as the Philippine National Police, which took place in late 2022.
As part of Iveda Philippines JV, the company is working to deploy IvedaAI™––which uses deep learning technology for advanced AI Video Search––across interested municipalities and organizations. Of particular importance to the people of the Philippines is the technology’s ability to recognize flooding––which plagues the country during typhoon season––alerting appropriate agencies before serious damage is caused to human life and properties. The technology also adds intelligence to existing video surveillance cameras throughout the country, improving public safety, traffic intelligence, and overall effectiveness of current infrastructure without overhauling previously installed, functioning equipment.
“It has been a privilege to meet with more than a dozen officials representing a cross-section of the Philippines to discuss their unique technology needs and the myriad ways in which IvedaAI will help bring the region into the future of smart city deployment,” said David Ly, Iveda CEO and founder. “Philippine customers have expressed a high level of satisfaction related to our Proof-of-Value program, where two IvedaAI servers have already proven value-adds to the operations of selected clients. City officials have also asked for solutions surrounding critical infrastructure improvements––such as new command centers and upgrades to existing ones––and Iveda Philippines JV is on the precipice of great innovation, in much the same way we are seeing success through our work in Taiwan.”
The Philippine government has made strides in adopting modern and next generation technologies, especially given recent natural disasters such as the Taal Volcano eruption and the 2021 Odette typhoon. Provinces and cities are working to digitize services and set standards for data storage, protection, and utilization; and newly elected Philippine President, Bongbong Marcos, continues to drive infrastructure development as one of his key initiatives. Iveda’s seamlessly integrated smart city technology will be crucial as the region aims to radically modernize key infrastructure, from the country’s airports to the streets and sidewalks.
This news follows Iveda’s recent $44M distribution agreement with Logistica Corporativa Agua Azul––part of the Grupo Desson portfolio––effectively bringing innovative AI video search and IoT technology to the Latin American market––and the company’s recent deployment of $1M in Iveda smart city technology across Taiwan. Through these and other global innovations, Iveda continues to expand its international footprint in AI, IoT, and smart city innovation.
Iveda is a registered trademark of Iveda Solutions, Inc. Iveda Taiwan and Iveda Philippines and IvedaAI are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
About Iveda Solutions®
Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda’s technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA”.
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