MESA, Ariz., Oct. 7, 2022 – Iveda (NASDAQ: IVDA), a global provider of artificial intelligence (AI) video search, Internet of Things (IoT), video surveillance and smart city digital transformation technologies, announces Today, the Iveda Philippines JV (joint venture) gives us a presence in a new and fast-growing market for smart city technology.
Iveda estimates that revenue ranges from $1 million to $3 million per smart city deployment, with recurring annual fees for software maintenance and upgrades. Like most foreign countries based locally, IVEDA Philippines is key to building and maintaining the relationships necessary to execute mutually beneficial contracts over the long term.
Iveda CEO David Ly and local Iveda Philippines executives are leaders in cities interested in Iveda’s smart city technology from north to south, including the cities of Manila, Parañaque, Mandaluyong, Cebu, Mandaue and Davao. I gave a presentation. The Iveda Philippines team also introduced the merits of his Iveda AI to General Vicente Danao and staff of the Philippine National Police, the law enforcement agency that protects the entire country.
IvedaAI is trained to recognize and detect jeepneys and tricycles. They are unique to the Philippines and the country’s most popular means of transportation. Typhoon season also caused flooding across the country. IvedaAI can detect imminent flood danger and alert the appropriate authorities before it causes serious damage to life or property. Most importantly, IvedaAI will add intelligence to ‘existing’ video surveillance cameras across the country, improving public safety, traffic information and the overall effectiveness of ‘existing’ infrastructure without an overhaul. is.
“In addition to IvedaAI, city officials have also sought help with critical infrastructure improvements such as new command centers and upgrading existing ones, as well as Taiwan Smart City projects in Taiwan,” Ly said. I’m here.
The Philippine government has increased its reliance on the latest next-generation technologies in recent years, especially since the eruption of Taal Volcano and the radioactive fallout from Typhoon Odette in 2021. Since then, cities across the country have digitized their services and set standards for data storage, protection and use, according to the International Trade Association.
Iveda Philippines is led by Managing Director Steph Sagno. Educated in the United States, Saño received an MS in Systems Science and Mathematics, a BS in Systems Science and Engineering from the University of Washington, and a BA in Economics from Wesleyan University.
“Steph’s experience with the complexities of doing business across Asia Pacific countries will be invaluable to all of us moving forward as Iveda expands its growth in Asia.
“The team is continuously engaged with local government decision makers, demonstrating Iveda’s unparalleled value. We have responded very well to a very clear message of how,” Sagno said.
Philippine Long Distance Telecommunications Company (PLDT) was Iveda’s first customer in the Philippines to use the IvedaXpress plug-and-play video surveillance system. Building on the company’s success with his Iveda AI intelligent video search technology project in Caloocan City in 2018 and a successful pilot project in Metro Manila in 2019, Iveda has been looking to gain a bigger foothold in the Philippines. I was. Last month, Iveda hosted a conference by city leaders from Luzon, the Visayas and Mindanao, his three main islands that make up the archipelago.
“We see potential in the Philippines the same way we see the success of Iveda Taiwan today,” Ly said. “Gaining a foothold in a country that seeks to modernize all aspects of its infrastructure is beneficial not only to Filipinos, but to Iveda as a whole.”
In a speech to the New York Stock Exchange last month, Aboitiz Group president Sabin Aboitiz said the Philippines is one of the fastest growing economies and will be the next big thing in Asia. “More than ever, with the dawn of a new era of digital advancement and an environment that is more enabling and conducive to doing business than ever before, the Philippines is ripe and open to investment,” he said. .
Newly elected Philippine President Bongbong Marcos has made infrastructure development one of the key platform initiatives. As in his predecessor’s administration, President Marcos professed throughout the campaign that modernizing the country’s infrastructure, from its airports to its streets and sidewalks, is critical to the nation’s success.
Future growth of the global smart city market is predicted by numerous market research groups. According to MarketsAndMarkets, the current global smart city market is expected to grow from $457 billion in 2021 to $873.7 billion in 2026.
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Iveda is a registered trademark of Iveda Solutions, Inc. Iveda Taiwan, Iveda Philippines, and IvedaAI are trademarks of Iveda Solutions, Inc. All other trademarks are the property of their respective owners.
About Ived
Iveda® (NASDAQ: IVDA) is a global provider of IvedaAI™ intelligent video search technology, Sentir® and IvedaXpress™ video surveillance products, and IvedaPinpoint™ and IvedaCare™ IoT (Internet of Things) platforms. Iveda provides digital transformation technology for smart city applications. Iveda is headquartered in Mesa, Arizona. Iveda Taiwan (aka MEGAsys) is its wholly owned subsidiary.
This release contains forward-looking statements.Actual results may differ materially from these
Be expected. Iveda’s business includes, but is not limited to, registration statements on Forms S-1 and Forms 10-12g containing audited financial information for the fiscal year ended December 31, 2021 and the Company. are subject to significant risks and uncertainties detailed in our SEC filings. , 2020, and subsequent quarterly reports filed on Form 10-Q. Forward-looking statements are subject to known and unknown risks, uncertainties and, in some cases, beyond the control of Iveda, which may materially affect our actual results, level of activity, and actual impact. undue reliance should not be placed on these statements, as they include other factors that are likely to give performance or achievement. All forward-looking statements made herein are qualified by such risk factors and readers are advised to carefully consider such factors. We undertake no obligation to revise these forward-looking statements to reflect subsequent events or circumstances or to reflect the occurrence of unanticipated events.
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