Iveda Philippines Targeting $5M in Smart City Advancements

Rhea-AI Summary

Iveda's Joint Venture in the Philippines aims to modernize key infrastructure for public safety, targeting $5M in contracts by 2024. The initiative includes major cities like Cebu, Bacolod, Iloilo, and Davao, enhancing urban landscapes with AI solutions. The partnership aligns with President Marcos Jr.'s infrastructure goals, showcasing cities' trust in Iveda's technology. CEO David Ly emphasizes the company's commitment to driving AI advancements for smarter and safer cities globally.

Market Research Analyst

The partnership between Iveda's joint venture and 100 government units in the Philippines represents a strategic move to capture a significant share of the smart city market in the region. The projected $5M in executed contracts suggests a robust demand for AI and smart city solutions, which could potentially lead to increased revenue streams for Iveda. The focus on public safety and city management aligns with global urbanization trends, where cities are increasingly investing in technology to improve infrastructure and quality of life. This venture is likely to boost Iveda's market presence and could serve as a model for similar initiatives in other countries, thereby enhancing its global competitiveness.

Financial Analyst

With Iveda declaring 2024 as its banner year, investors may anticipate a positive impact on the company's financial performance. The integration of IvedaAI into multiple city budgets within the Philippines indicates a long-term revenue potential that could improve the company's earnings outlook. The emphasis on leveraging existing infrastructure with AI technology could also translate to cost-effective solutions for cities, potentially increasing the attractiveness of Iveda's offerings to other municipalities. It is essential to monitor the execution of these contracts and the subsequent financial reporting to assess the actual impact on Iveda’s bottom line.

Technology Analyst

Iveda's technology, particularly IvedaAI™ which uses deep learning for advanced AI Video Search, is at the forefront of the smart city innovation curve. The ability to add intelligence to existing video surveillance without a complete overhaul is a significant technological advantage. This capability not only enhances public safety and traffic intelligence but also demonstrates Iveda's commitment to creating adaptable and scalable solutions. As smart cities evolve, the demand for such technologies is expected to grow, positioning Iveda as a key player in this space. The company's focus on developing solutions that exceed urban security and management requirements indicates a forward-thinking approach that may lead to the development of industry-leading technologies.

Iveda’s Joint Venture to partner with 100 Philippines government units across the region to modernize key infrastructure for improved public safety and more

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, proudly announces Iveda Philippines JV (joint venture) is set to achieve $5M in executed contracts over the next 12 months, declaring 2024 its banner year. Following the success of its Iveda Safe City presentations throughout 2023, with cities across the nation witnessing the potential of Iveda's innovative solutions, several city budgets across the region are gearing up to integrate IvedaAI into their operational frameworks in 2024. Cities in this initiative include Cebu (the largest in the Philippines), Bacolod, Iloilo, and Davao, marking a significant stride towards a safer and more technologically advanced urban landscape.

As Iveda continues enabling metropolitan areas across the globe to achieve true smart city status, Iveda Philippines remains critical in the facilitation of relationships necessary to execute mutually beneficial, long-term contracts. Bolstering Philippine President Ferdinand “Bongbong” Marcos Jr.’s efforts to drive infrastructure development in the region, this $5M target reflects the strong commitment from cities to leverage Iveda's AI solutions, emphasizing their trust in the capabilities of the technology, particularly to enhance public safety and city management.

“This ambitious goal underscores Iveda's dedication to driving advancements in AI technology and making a substantial impact on the landscape of smart cities in the Philippines,” said David Ly, Iveda CEO and founder. “As the nation moves towards embracing cutting-edge technologies, Iveda Philippines stands at the forefront, paving the way for a future where AI seamlessly integrates with city governance. Iveda Philippines will emerge as a trailblazer in 2024, propelling the nation towards a more secure, efficient, and technologically-empowered future. As Iveda continues to scale its global footprint, we affirm our position as a leader in the AI sector, leveraging groundbreaking technologies to create a smarter and safer world for all.”

To accomplish its JV sales target of $5M for 2024, Iveda Philippines is on a mission to collaborate with 100 Government Units across the country as the region works to radically modernize its key infrastructure, including the country’s airports, streets, and sidewalks. Leveraging IvedaAI™––which uses deep learning technology for advanced AI Video Search––municipalities and organizations across the Philippines are armed with a solution to digitize services and set standards for data storage, protection, and utilization. The technology also adds intelligence to existing video surveillance cameras throughout the region, improving public safety, traffic intelligence, and overall effectiveness of current infrastructure, without overhauling previously installed, functioning equipment.

On the heels of Iveda’s success in the Philippines, the company is upleveling critical learnings to develop revolutionary solutions that not only meet but exceed the evolving requirements of urban security and management. With new cutting-edge smart city solutions to be announced throughout the year, Iveda is keeping an ear to the ground and prioritizing customer needs above all. The company holds firm in its stance, sitting at the helm of smart city innovation to provide a framework that can be replicated in countries around the globe.

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”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240213049824/en/

Media Contact

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

617.477.9857

Source: Iveda

FAQ

What is the goal of Iveda's Joint Venture in the Philippines?

The goal is to modernize key infrastructure for public safety and achieve $5M in contracts by 2024.

Which major cities in the Philippines are part of Iveda's initiative?

Cities like Cebu, Bacolod, Iloilo, and Davao are included in the initiative.

How does Iveda's AI technology benefit cities in the Philippines?

Iveda's AI technology enhances public safety, traffic intelligence, and overall effectiveness of infrastructure without replacing existing equipment.

What is the role of Iveda Philippines in the modernization process?

Iveda Philippines collaborates with 100 Government Units to modernize infrastructure, including airports, streets, and sidewalks.

Who is leading the smart city innovation at Iveda?

CEO David Ly is leading the smart city innovation at Iveda, focusing on driving AI advancements for safer and smarter cities globally.