Iveda Awarded $1.7M Contract Expansion With Taiwan Government Agency

Rhea-AI Summary

Iveda® (NASDAQ:IVDA) announces a $1.7 million contract with a government agency in Taiwan for 45 new locations, potentially leading to 194 more in the future. The company will provide networking equipment and IPC computers for a state-of-the-art video command, communication, and control system. This project aligns with the growing global video surveillance market, estimated to reach $76.4 billion by 2027.

Positive

• Iveda secures a lucrative $1.7 million contract with a government agency in Taiwan, demonstrating impressive growth and potential for further expansion in the region.
• The contract aligns with the booming global video surveillance market, indicating Iveda's strategic positioning for future growth and success.

Negative

• None.

Global AI company to deliver 45 additional locations atop the 61 announced in 2022

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI video search and sensor technologies, today announces a newly signed contract with a government agency in Taiwan worth approximately $1.7 million gross revenues. Through this contract, Iveda will provide networking equipment and interprocess communication (IPC) computers to 45 new locations nationwide, assisting the agency in designing and installing a state-of-the-art video command, communication, and control system. All additional locations are anticipated to be completed by year end and will be overseen and managed by Iveda Taiwan. This project deployment has the potential for an additional 194 locations to be put under contract in the future, as there are a total of 300 locations countrywide. Iveda is unable to disclose the agency identity due to the sensitivity of the project confidentiality.

According to Markets and Markets, the global video surveillance market is estimated to reach $76.4 billion by 2027 –– and Iveda is well positioned to follow alongside this upward trajectory.

“As the need for robust, AI-powered video surveillance continues to expand worldwide, Iveda’s technology is keeping citizens, communities, and government personnel safe,” said David Ly, Iveda CEO and founder. “The company is poised to continue its momentum for the second half of 2023, all while effectively improving security operations and quality of life for the people of Taiwan. We’re eager to continue strengthening our partnerships in the region through this contract and beyond.”

“Iveda Taiwan has experienced impressive growth in the past year from new and returning, long-term, clients,” added Ing-Hang Shiau, president of Iveda Taiwan. “The Taiwan government agency client understands the need for state-of-the-art, comprehensive AI security solutions and this strategic contract expansion is the proof of that mindset.”

This contract follows closely behind several Taiwan-based smart city deals––worth more than $1M––which Iveda unveiled early this year. Iveda Taiwan continues to work with local organizations and government municipalities to expand the company’s AI, IoT, and smart city offerings across the nation.

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 on NASDAQ under the ticker symbol “IVDA”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230810622232/en/

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

617.477.9857

Source: Iveda

FAQ

What is the value of the contract Iveda announced with a government agency in Taiwan?

Iveda announced a contract worth approximately $1.7 million with a government agency in Taiwan.

What will Iveda provide for the 45 new locations in Taiwan?

Iveda will provide networking equipment and IPC computers for a state-of-the-art video command, communication, and control system at the 45 new locations in Taiwan.

What is the potential impact of this project deployment on Iveda's future?

The project deployment has the potential for an additional 194 locations to be put under contract in the future, as there are a total of 300 locations countrywide.

What is the estimated size of the global video surveillance market by 2027?

The global video surveillance market is estimated to reach $76.4 billion by 2027, according to Markets and Markets.