Iveda Sees Increased Interest from Major Retail Chains Across the Globe for IvedaAI Cloud Subscription Services

Rhea-AI Summary

Iveda (NASDAQ: IVDA), a leader in cloud-based AI, is experiencing increased interest from major retail chains globally for its IvedaAI Cloud subscription services. This AI-driven solution integrates with existing security cameras, offering a cost-effective way to combat retail theft, which costs the industry nearly $112.1 billion annually. IvedaAI Cloud transforms standard IP cameras into AI-powered tools that can detect objects, faces, vehicles, and license plates in real-time, enabling enhanced security measures without significant hardware investments.

The service provides essential features like access control monitoring, intrusion detection, and instant alerts for suspicious activities. It also offers rapid video search capabilities, allowing users to search up to 14 days of metadata using simple queries. In response to industry trends, Iveda is developing AI-powered body cameras to complement its cloud service, set to launch later this year.

Positive

• Growing interest from major retail chains in multiple countries for IvedaAI Cloud services
• IvedaAI Cloud offers a cost-effective solution to combat retail theft, potentially saving the industry $112.1 billion in losses
• The service integrates with existing security cameras, reducing hardware costs for businesses
• Upcoming launch of AI-powered body cameras to complement IvedaAI Cloud services

Negative

• None.

Market Research Analyst

The growing interest in Iveda's AI-powered security solutions from major retail chains globally signals a significant market opportunity. With retail shrinkage nearing 2% in the U.S., costing the industry up to $112.1 billion, there's a clear demand for cost-effective security solutions. IvedaAI Cloud's subscription model and compatibility with existing cameras make it an attractive option for retailers looking to enhance security without substantial hardware investments. The expansion into body cameras aligns with current market trends, as seen with TJX's recent investments. This positions Iveda to capitalize on the evolving retail security landscape, potentially driving revenue growth and market share expansion in the near term.

Tech Expert

IvedaAI Cloud's technology offers a compelling value proposition for retailers. Its ability to transform existing IP cameras into AI-powered tools for real-time detection of objects, faces, vehicles and license plates is a game-changer. The system's instant alert feature and rapid video search capability (up to 14 days of metadata) significantly enhance security efficiency. However, the limitation to four cameras per deployment might be restrictive for larger retail operations. The upcoming AI-powered body cameras could be a strategic move, especially if they integrate seamlessly with the cloud platform. While the technology seems promising, its effectiveness in reducing theft and improving safety will be important for widespread adoption and long-term success in the competitive retail security market.

Financial Analyst

Iveda's focus on the retail security market with its IvedaAI Cloud subscription service presents a potentially lucrative revenue stream. The subscription model could provide stable, recurring revenue, which is attractive to investors. However, the financial impact remains uncertain without specific figures on current adoption rates or revenue projections. The global interest from major retail chains is promising, but conversion from interest to paid subscriptions will be key. The planned launch of AI-powered body cameras could diversify Iveda's product offering and potentially increase average revenue per customer. Investors should monitor the company's ability to scale its cloud services and the uptake of its new body camera line. While the market opportunity is significant, Iveda's ability to capture market share and translate it into profitable growth will be critical for long-term financial performance.

MESA, Ariz.--(BUSINESS WIRE)-- Iveda (NASDAQ: IVDA), the global leader in cloud-based AI, is seeing growing interest from major retail chains in the United States, Korea, Macao, Hong Kong, and Japan for its IvedaAI Cloud subscription services. With average retail shrink nearing 2% in the U.S., according to the National Retail Federation (NRF), retailers face increasing security challenges amid the battle against rising theft. IvedaAI Cloud offers a cost-effective, AI-driven solution that integrates seamlessly with existing security cameras that could help save the industry nearly $112.1 Billion in potential losses.

“IvedaAI Cloud was developed with small businesses, retail shop owners, and restaurant chains in mind,” said David Ly, Iveda CEO and founder. “It is ideal for deployment on up to four cameras, offering powerful analytics and security features without the hefty hardware costs. By providing only the essential tools that businesses need––streamed through the cloud for one low monthly fee–– IvedaAI Cloud is accessible for businesses that want to improve their security measures without investing in IT and servers.”

IvedaAI Cloud transforms shop owners’ existing IP cameras into powerful AI-driven tools that can detect objects, faces, vehicles, and license plates in real time. This technology allows retailers to monitor access control, detect intrusions, and receive instant alerts regarding suspicious activity directly to their phone, all of which help reduce theft and maintain a safer environment for both customers and staff. IvedaAI Cloud also offers the world’s fastest video search, enabling users to search up to 14 days of metadata using simple, Google-like queries (I.e. “man wearing red”) without manually scanning hours of footage.

Recent reports show retailers like TJX (parent company of TJ Maxx, Homegoods, and Marshalls) are increasingly investing in body-worn cameras to deter theft and improve safety. In response to this trend, Iveda is enhancing its line of body cameras with AI-powered capabilities, set to launch later this year. This solution pairs brilliantly with IvedaAI Cloud.

With interest from global retailers continuing to grow, IvedaAI Cloud is proving to be the go-to solution for those looking to boost security, protect their bottom line, and stay ahead of evolving industry needs. For more information on how IvedaAI Cloud can transform your business’s security, visit https://iveda.com/cloudsubscription/.

About Iveda Solutions®

Iveda (NASDAQ: IVDA) provides global solutions for cloud-based video AI search and surveillance technologies that protect the people, places, and things that matter most. Iveda’s technology delivers instant intelligence to existing infrastructure, enabling cities and organizations worldwide to seamlessly enter the fifth industrial revolution. 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/20240917412916/en/

Media Contact

Olivia Civiletto Erwin

iveda@dottedlinecomm.com

Source: Iveda

FAQ

What is IvedaAI Cloud and how does it help retailers?

IvedaAI Cloud is a subscription-based AI service that transforms existing IP cameras into AI-driven tools. It helps retailers by detecting objects, faces, vehicles, and license plates in real-time, monitoring access control, detecting intrusions, and sending instant alerts for suspicious activities, thus reducing theft and improving security.

How much can IvedaAI Cloud potentially save the retail industry?

According to the press release, IvedaAI Cloud could help save the retail industry nearly $112.1 billion in potential losses due to theft and shrinkage.

What new product is Iveda (IVDA) planning to launch later this year?

Iveda (IVDA) is planning to launch AI-powered body cameras later this year to complement its IvedaAI Cloud services, responding to the trend of retailers investing in body-worn cameras for improved security.

What unique feature does IvedaAI Cloud offer for video searching?

IvedaAI Cloud offers the world's fastest video search capability, allowing users to search up to 14 days of metadata using simple, Google-like queries without manually scanning hours of footage.