Iveda Expands Partnership with Evergreen Aviation, Transforming the AI-Powered Smart Drone Industry
Iveda (IVDA) expands partnership with Evergreen Aviation Technologies Corp. to develop military-grade smart drones for surveillance and security in multiple countries. The partnership has a potential value exceeding $2.5 million, with one significant RFP valued at $1.8 million. Fortune Business Insights predicts the commercial smart drone market to reach $54.81 billion by 2030.
The announcement by Iveda of its expanded partnership with Evergreen Aviation Technologies Corp. and the development of military-grade smart drones equipped with advanced AI Video Analytics and sensor technologies is significant from a market expansion perspective. The potential value of this partnership exceeds $2.5 million, indicating a substantial revenue opportunity for Iveda. The market for commercial smart drones, expected to reach $54.81 billion by 2030, suggests a growing demand for such technologies.
From a market research standpoint, the diversification of applications for these drones, such as flood and fire surveillance, border patrol and infrastructure inspections, opens up multiple revenue streams for Iveda. This is reflective of a strategic move to capitalize on the versatility of drone technology. The pricing range per unit also indicates a high-value, low-volume business model which could lead to significant profit margins if production and operational efficiencies are achieved.
The deployment of AI-powered smart drones for military and security purposes represents a technological advancement in defense capabilities. The use of these drones for confidential military deployments and surveillance tasks such as border and coastal patrol highlights the strategic importance of autonomous systems in modern warfare and national security.
Furthermore, the integration of Iveda's AI technology with EGAT's aircraft-building expertise underscores the importance of collaborative innovation in the defense sector. The focus on real-time surveillance and the ability to perform a variety of security-related tasks autonomously enhances operational efficiency and can provide a tactical advantage. However, the success of such technology also depends on the reliability, security and regulatory compliance of the systems, which are critical factors in defense applications.
The financial implications of Iveda's partnership with EGAT and its entry into the smart drone market are multifaceted. The mentioned RFPs, with one valued at $1.8 million, suggest a robust pipeline of potential contracts that could significantly impact Iveda's financial performance. The unit pricing indicates a premium product offering, which could translate to high-margin sales if cost structures are managed effectively.
Investors should monitor the company's ability to convert these RFPs into firm contracts and deliver on its promises, as well as the scalability of its production capabilities. As the company expands its global footprint, operational and logistical complexities may arise, which could affect profit margins. The strategic partnerships and international expansions, such as the recent contract with the Taiwanese government and the establishment of new offices, could help mitigate these risks by leveraging local expertise and resources.
03/19/2024 - 08:00 AM
Military-grade smart drones to be deployed in multiple countries for real-time surveillance and security
MESA, Ariz. --(BUSINESS WIRE)--
Iveda ® (NASDAQ:IVDA), the global solution for cloud-based AI, today announces the expansion of its partnership with Evergreen Aviation Technologies Corp . (EGAT), a leading aircraft maintenance solutions provider, following the success of the partnership over the past year . Together Iveda and EGAT are continuing to expand AI-powered smart drone applications around the globe in areas including the Philippines , Mexico , the U.S. , and the Middle East . Growing their partnership, EGAT and Iveda will proceed with the development of military-grade smart drones, equipped with Iveda’s AI Video Analytics and sensor technologies, to assist with confidential military deployments, flood and fire surveillance, border and coastal patrol, livestock tracking, remote equipment searches, infrastructure inspections, and basic aerial crowd traffic control.
Having responded to multiple Requests for Proposals (RFPs) from both private and government entities from the countries mentioned above, the potential value of this partnership expansion exceeds $2.5 million $1.8 million $90,000 $350,000 Fortune Business Insights predicts the commercial smart drone market to reach $54.81 billion
“Through this partnership, Iveda's state-of-the-art AI technology combined with EGAT's aircraft-building expertise has resulted in incredibly powerful and truly autonomous smart drones,” said David Ly, Iveda CEO and founder. "As this partnership has grown over time, it's been exhilarating to see the dots connecting with Iveda and EGAT making efforts to provide our AI-powered smart drone solutions for critical applications across the globe, helping to protect what matters most to our customers."
Currently, one existing AI-powered drone is stationed near Iveda’s headquarters in Mesa, Arizona , at Falcon Field Airport , and is being used for customer demonstrations. This on-site exhibition will allow potential clients from various industries to witness first-hand the manually controlled and autonomous capabilities of AI-powered smart drones.
“Iveda and EGAT’s smart drones are seamlessly executing missions automatically, ensuring the safety of operations and enabling continuous, around-the-clock monitoring for our customers throughout the world,” said Richard Tsay, Iveda’s Director of Product Development. “We are delighted to continue our partnership with EGAT as we work to expand our global footprint for security and surveillance for years to come.”
This news comes at a time of major global growth for Iveda, having recently announced Australian-based Auzpack as a newly signed reseller partner , multi-million dollar partnerships for AI-powered security across Vietnam , a Latin American exclusive partner which anticipates $5M new office in Cairo, Egypt , and a $3.2M
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”.
About Evergreen Aviation Technologies Corp.
Evergreen Aviation Technologies Corporation (EGAT), a joint venture between Evergreen Group's EVA Air and General Electric (GE) since 1998, consistently delivers exceptional aircraft maintenance solutions to airline partners. An FAA, EASA, and JCAB Part-145 repair station, along with a host of other agencies, EGAT has emerged as a reputable MRO service partner with more than 40 airlines, being voted Best MRO in the region in 2009, and 2011.
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Courtney Grieco
courtney@dottedlinecomm.com
Source: Iveda
What is the partnership expansion between Iveda and Evergreen Aviation Technologies Corp. about?
The partnership aims to develop military-grade smart drones for surveillance and security in multiple countries.
What is the potential value of the partnership expansion?
The potential value exceeds $2.5 million, with one significant RFP valued at $1.8 million.
What is the predicted market size for commercial smart drones by 2030?
Fortune Business Insights predicts the commercial smart drone market to reach $54.81 billion by 2030.
Where is one existing AI-powered drone stationed currently?
One existing AI-powered drone is stationed near Iveda's headquarters in Mesa, Arizona, at Falcon Field Airport.
What are some of the applications of the AI-powered smart drones developed through the partnership?
The smart drones assist with confidential military deployments, flood and fire surveillance, border and coastal patrol, livestock tracking, remote equipment searches, infrastructure inspections, and basic aerial crowd traffic control.
