Iveda Awarded $1.7M Contract Expansion with Taiwan Government Agency
Global AI company to deliver 45 additional locations atop the 61 announced in 2022
IVDA, a 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.
“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 are eager to continue strengthening our partnerships in the region through this contract and beyond.”
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 are 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,” said 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.”