Iveda Signs Strategic Partnership with Arab Organization of Industrialization and ZeroTech

Rhea-AI Summary

Iveda (NASDAQ: IVDA) has formed a strategic partnership with the Arab Organization for Industrialization (AOI) and ZeroTech to enhance AI-powered security solutions in Egypt. This collaboration leverages IvedaAI’s intelligent video search technology to upgrade ZeroTech’s security offerings, positioning the company strongly in the Egyptian market. The AI market in Egypt is projected to reach $877M by 2024, driven by the government's plan to introduce 38 new smart cities by 2050. The partnership aims to integrate AI into video surveillance, fire and intrusion detection, fingerprint and access control, and home automation systems, creating smarter security solutions. This alliance is expected to benefit communities with immediate safety improvements and represents a significant step in Iveda’s regional expansion, which began with a partnership with AOI in August 2023.

Positive

• Iveda forms strategic partnership with AOI and ZeroTech.
• IvedaAI to enhance ZeroTech’s security offerings in Egypt.
• AI market in Egypt expected to reach $877M by 2024.
• Government plans to introduce 38 new smart cities by 2050.
• Integration of AI into various security systems for smarter solutions.

Negative

• None.

Tech Expert

The partnership between Iveda and ZeroTech, backed by the Arab Organization for Industrialization (AOI), represents a significant step in the integration of AI-powered technology into security solutions within Egypt. By incorporating IvedaAI, an intelligent video search technology, ZeroTech can substantially enhance its range of offerings, from video surveillance to home automation systems.

This alliance aligns with Egypt's ambitious plan to establish 38 new smart cities by 2050, demanding cutting-edge technology to ensure security and efficiency. For investors, this collaboration suggests that Iveda is positioning itself as a key player in the burgeoning AI market in Egypt, expected to reach $877M by 2024. Such growth potential could translate into substantial revenue streams for Iveda.

The practical applications of IvedaAI in enhancing security systems include more accurate video analytics, quicker response times in identifying threats and improved integration with existing security hardware. These improvements can provide competitive advantages in a market that increasingly values smart, tech-driven security solutions.

Market Research Analyst

From a market perspective, this strategic partnership is likely to boost Iveda's market share in the Middle East and North Africa (MENA) region. Egypt's commitment to smart city development highlights a broader trend toward urban modernization that requires sophisticated security solutions.

Investors should note the potential long-term benefits of this alliance. As governments and private sectors in the region continue to invest in AI and smart technology, companies like Iveda and ZeroTech stand to gain significantly. The immediate revenue impact may be moderate, but the long-term growth prospects are sizable.

Moreover, this partnership could serve as a gateway for Iveda to enter other emerging markets with similar needs, thereby expanding its geographic footprint and diversifying its revenue streams. This reduces risk and enhances the company’s growth potential in the evolving global AI market.

Powerhouse organizations collaborate to bolster AI-empowered security solutions across Egypt

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced that it has signed a strategic partnership with The Arab Organization for Industrialization (AOI) and security hardware and software developer, ZeroTech. This collaboration and implementation of IvedaAI™––Iveda’s AI-powered intelligent video search technology––will effectively enhance ZeroTech’s suite of security offerings, strengthening the organization’s position in the Egyptian market and adding tremendous value to its existing customer base.

The AI market across Egypt is expected to reach upwards of $877M (USD) in 2024. As the Egyptian government works towards realizing its goal of introducing 38 new smart cities across the country by 2050, powerful technology partnerships are becoming critical. As the preferred choice for security and safety in Egypt, ZeroTech’s addition of IvedaAI into its video surveillance systems, fire and intrusion detection, fingerprint and access control, home automation, and more, will enable even smarter security solutions for customers across the nation.

“Iveda’s strategic alliance with the AOI and ZeroTech is pioneering a new era of security solutions in Egypt,” said David Ly, Iveda CEO and founder. “This collaboration embodies a fusion of expertise, marrying the best in manufacturing prowess with potent, AI-driven technology. Together, we are not only enhancing the effectiveness of security systems, but also empowering communities with immediate, tangible safety benefits. This partnership symbolizes our unwavering commitment to innovation and excellence, ushering in a safer and more secure future for all in Egypt.”

Iveda first partnered with AOI in August of 2023, appointing Major General Ashraf Hassan to the advisory board later that month and more recently opening an office and demonstration space in Cairo as the organization continues to expand its footprint across the region. This partnership marks the region’s first fully integrated offering, suitable for everyone from enterprise to small shop owners.

“As two technological powerhouses come together, we anticipate the collaboration between Iveda and ZeroTech to transcend boundaries, reaching far beyond the horizons of Egypt,” said Major General Ahmed Mohamed Abd Elaziz, Chairman of AOI Electronics. “Our partnership harnesses the strengths of both entities to create innovative solutions that redefine the global security landscape.”

“As we join forces with Iveda––layering IvedaAI’s capabilities into our own hardware––ZeroTech celebrates a new era in security,” added Yasser Helmy Abu-Hashim, General Manager of ZeroTech. “IvedaAI’s accurate and swift machine vision technology has the power to propel ZeroTech to the forefront of innovation in Egypt and beyond. Together, we're setting a new standard for security solutions, empowering our clients with unparalleled protection and peace of mind.”

For direct global sales inquiries, please reach out to sales@iveda.com.

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/20240709479346/en/

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What is the significance of Iveda's partnership with AOI and ZeroTech?

The partnership aims to enhance AI-powered security solutions in Egypt, leveraging IvedaAI technology to upgrade ZeroTech's offerings, positioning the company strongly in the market.

What technology will be used in Iveda's partnership with ZeroTech?

Iveda's AI-powered intelligent video search technology, IvedaAI, will be integrated into ZeroTech's security solutions.

How will Iveda's partnership impact the AI market in Egypt?

The partnership is expected to strengthen ZeroTech’s market position and contribute to the AI market in Egypt, projected to reach $877M by 2024.

What are the expected outcomes of Iveda and ZeroTech's collaboration?

The collaboration aims to create smarter security solutions, including video surveillance, fire and intrusion detection, and access control, enhancing safety and security across Egypt.

Why is the AI market in Egypt significant for Iveda and ZeroTech?

The AI market in Egypt is growing, with the government planning to introduce 38 new smart cities by 2050, making it a significant opportunity for innovative security solutions.