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Investing.com -- Iveda Solutions Inc (NASDAQ:IVDA) stock surged 52.3% in premarket trading Friday after the AI video analytics company announced a new manufacturing partnership in Egypt to produce its Iveda360 surveillance cameras locally.
The cloud-based AI video analytics firm has formed a tri-lateral manufacturing agreement with the Arab Organization for Industrialization (AOI) and Egyptian security technology developer ZeroTech. This partnership will enable local production of Iveda’s advanced 360-degree smart surveillance cameras in Egypt, where the CCTV camera market is projected to reach $582 million by 2033.
Iveda’s expansion strategy targets Egypt’s growing security camera market, particularly the 360-degree camera segment which is forecasted to grow from $14.28 million in 2024 to $76.31 million by 2033. The company aims to capture market share while generating recurring revenue from its AI video analytics software and services.
"This new Iveda360 manufacturing partnership is not just about building more cameras—it’s about building a long-term revenue engine in a market that’s growing quickly," said David Ly, Founder and CEO of Iveda.
The partnership follows Iveda’s recent transfer of VEMO Body Cam manufacturing to Egypt and represents the next phase in the company’s localization strategy. Beyond serving Egypt’s domestic market, the collaboration is designed to support regional exports across Africa and the Middle East, where the video surveillance market is estimated at $4.32 billion in 2024.
AOI Electronics will contribute manufacturing expertise while ZeroTech will support technology integration, calibration, and quality assurance for mass production of the Iveda360 cameras.
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