Iveda Launches IvedaAI™ Forensics Desk, Equipping Law Enforcement with Accessible AI-Powered Crime Fighting Tools Across the Philippines

Rhea-AI Summary

Iveda (NASDAQ:IVDA) has launched IvedaAI™ Forensics Desk, an AI-powered tool for law enforcement in the Philippines. This technology provides intelligent video search, facial and license plate recognition, and target object search, enhancing crime-solving capabilities. The Forensics Desk, priced at $17,000 USD, can analyze video footage from various sources within seconds.

Iveda is in talks with multiple agencies and businesses across the Philippines, with several government sales expected by fall 2024. The company aims to tap into the growing global video surveillance market, projected to reach $16.3 billion USD by 2028. This initiative aligns with Iveda's mission to make AI technology more accessible and enhance public safety.

Positive

• Launch of IvedaAI™ Forensics Desk, an AI-powered tool for law enforcement in the Philippines
• Potential for multiple sales to government agencies and businesses across the Philippines
• Tapping into the growing global video surveillance market, expected to reach $16.3 billion USD by 2028
• Forensics Desk priced at $17,000 USD, offering a cost-effective AI solution for law enforcement

Negative

• Slow adoption of AI by law enforcement agencies globally may impact sales growth
• Competitive market with other AI-powered surveillance solutions potentially available

Insights

Tech Expert

Iveda's launch of the IvedaAI™ Forensics Desk in the Philippines marks a significant step in bringing advanced AI-powered crime-fighting tools to local law enforcement. The product's key features, including intelligent video search, facial and license plate recognition and target object search, address important needs in modern policing.

What sets this product apart is its accessibility and versatility. The ability to connect with various video sources, from smartphones to USB drives, makes it highly adaptable to different scenarios. Its compact, mobile design (about half the size of a speaking podium) enhances its practicality for deployment in various environments.

At a price point of $17,000 USD, the Forensics Desk positions itself as a relatively affordable solution in the AI law enforcement technology market. This could be a strategic move to penetrate the vast Philippine market, which includes over 42,000 local police units (barangays).

However, the success of this product will largely depend on:

• The accuracy and reliability of its AI algorithms in real-world scenarios
• The ease of integration with existing law enforcement systems
• The ability to address potential privacy concerns associated with AI-powered surveillance
• The level of training and support provided to law enforcement personnel

While the product shows promise, investors should closely monitor its adoption rate and performance in real-world applications to gauge its long-term market potential.

Market Research Analyst

The launch of IvedaAI™ Forensics Desk aligns well with the growing global video surveillance market, which is projected to reach $16.3 billion USD by 2028. This indicates a substantial market opportunity for Iveda (NASDAQ:IVDA).

Key factors to consider:

• Market Penetration Strategy: Iveda's approach of targeting various sectors including government units, banks, shopping malls and hotels demonstrates a comprehensive market penetration strategy.
• Timing: With several government sales expected by fall 2024, the company is positioning itself for potential revenue growth in the near future.
• Competitive Advantage: The product's unique features and accessibility could provide a competitive edge in a market where AI adoption by law enforcement has been traditionally slow.

However, investors should be aware of potential challenges:

• Adoption Rate: The success of the product heavily depends on overcoming the typically slow AI adoption rate in law enforcement.
• Market Saturation: As AI technologies become more prevalent, competition in this space may intensify.
• Regulatory Landscape: Changes in privacy laws or regulations regarding AI use in law enforcement could impact the product's market potential.

Overall, while the product shows promise, its success will depend on Iveda's ability to execute its strategy effectively and navigate potential market and regulatory challenges.

An AI solution providing accurate analysis of video footage, strengthening security and operational efficiency

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced the launch of IvedaAI™ Forensics Desk, an AI-powered tool that provides local law enforcement with accessible, advanced video intelligence to aid in crime solving, in the Philippines market. Using IvedaAI––Iveda’s core technology––Forensics Desk equips law enforcement officials with tools including Intelligent video search, facial and license plate recognition, and target object search, enhancing security and operational efficiency in real time. With the ability to plug into any camera-enabled device (iPhone, Android, etc.), Forensics Desk provides accurate analysis of video footage within seconds, leading to faster crime resolution and increased safety in cities, communities, and public spaces.

The global video surveillance market is expected to reach 16.3 billion USD by 2028. As more law enforcement officials turn to the adoption of AI powered solutions, Iveda is working closely with various agencies and companies across the Philippines regarding the adoption of Forensics Desks into their crime fighting teams and units. The company is currently in conversations with national, city, and local government units, city traffic divisions, banks, shopping malls, high-end residential villages, commercial districts, hotels, and tollway operators throughout the region, with several government sales on track to be procured by fall 2024.

Iveda AI Forensics Desks can be used in a wide variety of scenarios, especially as local police units face the challenge of efficiently analyzing vast amounts of video footage to solve crime. For example, if a theft occurs at a busy market and bystanders record the event on their phones, they can bring this footage to police officers who can use the Forensics Desk to quickly analyze the video, identifying the suspect's face and vehicle within minutes.

The IvedaAI Forensics Desk offers a unique combination of rapid real-time search capabilities, intuitive interface, and seamless integration with various video sources. Whether someone brings SD cards, discs, USB sticks, or their cell phone, the IvedaAI Forensics Desk can connect and instantly begin providing high level analysis and alerts. When the system is unfolded, it resembles a mobile standing desk, and is about half the size of a speaking podium, making it easy to manage and deploy in different environments. IvedaAI Forensics Desks retails for $17,000 USD.

“Iveda’s mission has always been to make AI-powered technology more accessible. Now, with IvedaAI Forensics Desk, law enforcement officials throughout the Philippines are being given an easy-to-use, accurate, additional layer of analysis to strengthen public safety and protect the people and property they serve,” said David Ly, Iveda CEO and founder. “While the adoption of AI by law enforcement agencies across the globe has been notoriously slow, those who have tapped into the technology are seeing the ways in which it enables them to further secure their communities. AI-powered solutions are the future of law enforcement and tools like the Forensics Desk are making it possible to enhance existing systems with the power of AI at a cost-effective price point.”

"The IvedaAI Forensics Desk is a must-have tool for any company, organization, or government entity deploying CCTV Surveillance System,” added Timmy Evangelista, the Chief Technology Officer of Iveda Philippines. “This technology is uniquely valuable for law enforcement and security officials operating in high-traffic, tourist locations given the nature of crime that tends to occur in these highly populated areas. I believe the Forensics Desk will truly transform the way local police units, known as barangays, handle video evidence. There are over 42,000 barangays that can use the IvedaAI Forensics Desk to make crime resolution faster and more efficient across the nation of the Philippines."

To learn more or to acquire the IvedaAI Forensics Desk, potential customers can contact sales@iveda.com or visit the website.

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/20240725230263/en/

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What is the IvedaAI™ Forensics Desk and how does it work?

The IvedaAI™ Forensics Desk is an AI-powered tool for law enforcement that provides intelligent video search, facial and license plate recognition, and target object search. It can analyze video footage from various sources within seconds, enhancing crime-solving capabilities and operational efficiency.

How much does the IvedaAI Forensics Desk cost and where is it available?

The IvedaAI Forensics Desk retails for $17,000 USD. It is currently being launched in the Philippines market, with Iveda (NASDAQ:IVDA) in talks with various agencies and businesses across the country for adoption.

What are the potential applications of the IvedaAI Forensics Desk?

The IvedaAI Forensics Desk can be used by law enforcement agencies, city traffic divisions, banks, shopping malls, residential areas, commercial districts, hotels, and tollway operators. It's particularly useful for analyzing video footage in high-traffic and tourist locations to solve crimes more efficiently.

When does Iveda expect to secure government sales for the Forensics Desk?

Iveda is currently in conversations with various government units in the Philippines, with several government sales expected to be procured by fall 2024.