Iveda Philippines Targets $3M from Municipalities for Smart City Technology
March 21 2023 - 8:25AM
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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Media ContactOlivia Civiletto
Erwinolivia@dottedlinecomm.com 617.477.9857
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