Iveda has announced a newly signed contract with a government agency in Taiwan worth approximately $1.7 million (€1.55 million) gross revenues. Through this contract, Iveda will provide networking equipment and interprocess communication computers to 45 new locations nationwide, assisting the agency in designing and installing a 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 (€69.72 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,” says 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,” adds 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 $1 million (€0.91 million) – which Iveda unveiled early this year. Iveda Taiwan continues to work with local organisations and government municipalities to expand the company’s AI, IoT, and smart city offerings across the nation.