Iveda Solutions, Inc. (NASDAQ: IVDA) unveiled Utilus. Utilus is a centralized management platform that puts together all of Iveda's smart city technologies, including video surveillance, AI-based video analytics, IvedaSPS (smart power system), and IvedaPinpoint's location-based trackers and smart sensors.
The launch comes as market data shows that the Smart City technology market is booming. According to Grand View Research of San Francisco, the present Smart City market is worth $1.1 billion, with a compound annual growth rate of 24% until 2030. The company's Smart City market research, published in March 2022, identified IoT, cloud computing, and AI integration as the industry's primary growth drivers.
Furthermore, light poles with power can be found in all urban cities across the world. Iveda just harnesses the force that already exists and infuses it with Utilus. Utilus is smart power management and wireless mesh communications network that can support Wi-Fi, 4G and 5G small cells, and other wireless protocols as needed.
Once equipped with Utilus, light poles connect, forming a network that allows for distributed video monitoring and remote management of local devices such as trackers, water meters, electrical meters, valves, circuit breakers, and sensors. Utilus also contains an energy storage battery system for backup and ongoing functioning in the event of a municipal power outage.
In addition, the system functions as a microgrid with the Iveda Pole Gateway and IvedaSPS, providing electricity to mission-critical infrastructure as needed. It could also be used as a charging station for electric vehicles. Iveda’s partner in South Africa is about to instill Utilus for a pilot smart city project at an 18-acre section of a gated community in Johannesburg projected at over $1.5 million for just the pilot.