Iveda announced today the formation of the Iveda Philippines joint venture (JV), establishing the company’s presence in a new and rapidly developing market for Smart City technologies.
Iveda is a global provider of artificial intelligence (AI) video search, Internet of Things (IoT), video surveillance, and digital transformation technologies for Smart Cities.
Iveda forecasts that revenue per Smart City implementation will range from $1 million to $3 million, including recurring revenue from annual payments for software maintenance and updates. As is the case in most foreign nations, having a local presence is critical to developing and maintaining the relationships required to execute long-term mutually beneficial partnerships.
Iveda CEO David Ly and local Iveda Philippines officials have presented to municipal leaders from North to South interested in Iveda Smart City technologies, including Manila, Paranaque, Mandaluyong, Cebu, Mandaue, and Davao. The Iveda Philippines team also showcased IvedaAI benefits to Gen. Vicente Danao and his employees from the Philippine National Police, the country’s law enforcement body.
IvedaAI has been trained to recognise and detect Jeepneys and tricycles, which are unique to the Philippines and the most prevalent mode of transportation in the country. During the typhoon season, flooding has also afflicted the entire country. IvedaAI can detect impending flooding dangers and notify appropriate agencies before they do major harm to people and property. Most importantly, IvedaAI provides intelligence to “existing” video surveillance cameras around the country, assisting in the improvement of public safety, traffic intelligence, and the overall efficacy of “existing” infrastructure without requiring an overhaul.
“In addition to IvedaAI, city officials also asked for help on critical infrastructure improvements such as new command center and upgrades to existing ones, similar to our Taiwan Smart City projects in Taiwan,” Ly said.
In recent years, the Philippine Government has expanded its dependence on current and next-generation technologies, particularly in the aftermath of the Taal Volcano eruption and the 2021 Odette typhoon. According to the International Trade Association, cities across the country have since digitised services and established standards for data storage, security, and utilisation.
Stef Sao, the managing director, leads Iveda Philippines. Sao received his education in the United States, where he earned a Master of Science Degree in Systems Science and Mathematics, a Bachelor of Science Degree in Systems Science and Engineering, and a Bachelor of Arts Degree in Economics from Washington University.
“The team has been engaging the municipality decision makers non-stop, demonstrating Iveda’s unmatchable value. Customers are responding very well to the crystal-clear message of a cost-efficient method of enhancing the effectiveness of their existing video surveillance and command centers,” Saño said.
Iveda’s first customer in the Philippines was the Philippine Long Distance Telecommunications Company (PLDT), who purchased an IvedaXpress plug-and-play video surveillance system. Iveda has aimed to expand its presence in the Philippines, following the success of the company’s IvedaAI intelligent video search engine project in Caloocan City in 2018 and a successful pilot project in Metro Manila in 2019. Iveda was hosted at meetings by municipal officials across the archipelago’s three main islands, Luzon, Visayas, and Mindanao, last month.
“We see the potential in the Philippines much in the same way we are now seeing the success of Iveda Taiwan. Gaining a foothold in a country that is looking to modernize all aspects of its infrastructure will be beneficial to the Filipino people as well as Iveda overall,” Ly said.
In an address to the New York Stock Exchange last month, President Sabin Aboitiz of Aboitiz Group said that the Philippines is one of fastest growing economies and the next big thing in Asia.
“Now more than ever, with the dawn of a new era of digital progress, and an environment that has never been more enabling and conducive for business, the Philippines is ripe and open for investment,” Aboitiz stated.
Numerous market research firms estimate that the worldwide Smart City industry will develop in the future. MarketsAndMarkets predicts that the current global Smart City market will reach $873.7 billion in 2026, up from $457 billion in 2021.
