Iveda Reveals Utilus Smart Pole Technology
Apr 11, 2022 By MarketDepth
Iveda (NASDAQ: IVDA) reported launch of Utilus. All modern cities have light poles with power, Iveda utilizes existing power and equips it with Utilus. “Our smart city technologies are the culmination of almost two decades of product development and experience in providing cloud-based solutions,” said David Ly, CEO of Iveda. “Utilus adds a new level of security, safety and management tools for smart city initiatives. Whether it is instantly identifying and reporting a car accident or recognizing a vehicle with a potential abducted child, seconds matter.”
Smart City Growth
This announcement coincides with market research showing dramatic growth in the Smart City technology market. According to San Francisco-based Grand View Research, the current Smart City market is valued at $1.1B, with a compound growth rate of 24 percent through 2030. The company’s Smart City market report, released in March 2022, pointed to the integration of IoT, cloud computing, and AI as the main drivers of industry growth.
Pilot to Cost Over $1.5M
Iveda’s partner in South Africa is on the verge of deploying Utilus for a pilot smart city project at an 18-acre section of a gated community in Johannesburg estimated at over $1.5 million for just the pilot. More details of the project will follow. “Our partner believes a successful pilot would result in deployment of Iveda’s smart city solution throughout Johannesburg as well as other urban areas of South Africa,” said Ly.