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MESA, Ariz., June 06, 2019 (GLOBE NEWSWIRE) -- Iveda® (OTCMKTS:IVDA), worldwide enabler of cloud-based video surveillance, data management and AI-based video analytics through its Sentir® and IvedaAI™ platforms, today announced its partnership with AXIOM to launch its entry into South Africa.
AXIOM was the logical choice for Iveda to partner with, in the South African market where private citizens spend approximately R45-billion annually ($3.2-billion USD) on private security – one-third more than the South African government budgets for the Police Department, making South Africa’s private security industry the fourth largest in the world per capita.
“There is no better time for the introduction of IvedaAI into South Africa, to help police and the private security industry to enhance and improve the security and safety of all South Africans,” said Terry Billson, Managing Director of AXIOM. “Our intention is to work with the police, local municipalities and private security companies to share information and provide support.”
AXIOM has placed its first orders for IvedaAI appliances with built-in analytics for object search, face search, face recognition, license plate recognition and intrusion, weapon and fire detection. Field pilots and installations of IvedaAI and Smarthome solutions are estimated to reach $1 million in revenue this calendar year for the following opportunities.
IvedaAI has been placed in the upscale urban development in Johannesburg which has a rare quality of in- and out-doors residential, commercial, retail and leisure spaces. This application of IvedaAI utilizing just half of its 550 existing cameras should generate $450,000 in IvedaAI licenses. Melrose Arch is poised to deploy Iveda’s smart IoT solutions throughout the complex – to restaurants, homes, offices and leisure facilities. The latter opportunity would generate both hardware and residual revenues upon pilot completion. This is a true example of what digital transformation is all about.
Auto hijacking is commonplace in South Africa, often as people arrive home in their driveway. Inner city crime is a massive problem in the country, including rape, robbing of motorists, cash-in-transit heists, cash point robberies, farm attacks and kidnapping. Inadequate and under-funded policing has led to the growth of vigilantism, which instead of assisting the police, has only increased the crimes they have to address.
"It is unfortunate that South Africa is experiencing very high crime rates and I truly believe that IvedaAI will be a powerful tool for law enforcement and private security companies to combat crimes using existing video surveillance systems throughout the country,” said David Ly, CEO of Iveda.
As a deterrence, there is a strong movement to install security cameras at all intersections. In fact, in Johannesburg alone there’s a plan to roll out a total of 15,000 cameras in the next 12 months, with 3,000 already in place.
The problem, however, is that these cameras have little or no intelligence and are often used for after-the-fact investigations. Too much time and manpower are expended sifting through endless video recordings. It can take several hours to manually review one hour of video data. Using live streaming video or recorded video, IvedaAI works in the background and generates search results based on pre-set criteria. Alerts can be sent to multiple people for assessment and immediate response. This eliminates the manual review of hours of videos allowing organizations to concentrate on search results, instead.
In partnership with AXIOM, Iveda is piloting IvedaAI, and proposing that IvedaAI video analytics be applied to a camera at each of the 15,000 intersections throughout Johannesburg and its suburbs. Given the average price per camera, IvedaAI license is approximately $2000. Total installation enabled with IvedaAI represents a potential revenue of $30 million.
On the home front, Iveda is packaging SmartHome kits for AXIOM’s 10,000 fiber home customers, a $5-million opportunity. This is a large and growing segment of the security industry, particularly in South Africa. Success in this venture will enable further inroads into the South African telecom industry.
One private security company with 26,000 home customers on old RF systems is poised to replace its antiquated systems with SmartHome, representing $9.1 million in potential revenue for Iveda. There are many similar private security companies in the same predicament.
Genergy is a South African solar energy company deploying and managing solar farm generation and home and business installations of solar energy systems. They currently do not have an adequate IoT solution to provide full meter reading - such as power production rates compared to simulated models, input/output efficiency, etc., which Iveda IoT sensors will provide. This successful pilot can be leveraged to other players in the solar industry, as well. Iveda is helping South Africa move towards digital transformation in security and energy sector.
AXIOM, having a clear understanding of the drivers and influencers in the market, introduced Iveda’s technology to several parties and the IvedaAI solution was very well received. AXIOM plans to partner with private security companies, a large industry in South Africa. They also have a strong relationship with sectional title operators who manage gated communities.
“Because IvedaAI works with any existing IP cameras and most popular NVRs and DVRs, our partners are targeting existing camera installations, which is huge in South Africa and is continuing to grow,” said Ly
Both installation and maintenance costs are high for the traditional security solutions deployed in South Africa. Iveda realizes several advantages over traditional security interventions, but two of the most innovative and cost-effective solutions are IvedaAI for enterprise clients, and Iveda Smart IOT, placing control of security solutions into the hands of the customer themselves.
AXIOM’s business model is in line with Iveda’s residual monthly income business model, AXIOM invests in Iveda’s technology and generates revenue from monthly service fees from customers. Iveda will share in this monthly residual income stream.
Iv eda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (OTCMKTS:IVDA) enables service providers a plug-and-play cloud video surveillance offering and intelligent video search technology with its Sentir® and IvedaAI platforms. Iveda utilizes proprietary video streaming, Big Data storage and AI-based video analytics technology. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions,www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.
This release includes forward-looking statements. Actual results may vary materially from those expected. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Luz A. Berg
Chief Marketing Officer