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In the past, IPEVO established a firm foothold in the US education market through document cameras, and was favored by more than 60% of American teachers. Optimistic about the “hybrid communication” mode through video will become the mainstream, and the immersive communication demand for virtual and real integration has growth potential, Aibi Technology announced that it has entered the commercial video communication market, and launched 2 new software and 6 hardware, a total of 8 models Video products built for professionals. At the same time, IPEVO 2.0 is planned, and it is expected that software products will be upgraded to a subscription system in 2023 to provide value-added services and create new revenue.
After the epidemic brought mixed work patterns, market research firm Fortune Business Insights pointed out that the global video communication market will continue to grow at a compound annual growth rate of 11.3%, and will reach a scale of nearly NT$500 billion in 2029. It is estimated that more than 90% of meeting rooms or classrooms in the world still do not have video conferencing systems. The main reason is that the cost of purchasing additional equipment is not cheap, and the market still has a lot of room for growth.
Abby Technology continues to be optimistic about the business opportunities of video communication, integrates the development experience in physical cameras and AI software, increases design and R & D investment, and launches a series of new commercial video software and hardware products, including EyeStage, SnapCapture two software, and TOTEM series ( TOTEM 120°／TOTEM 180°／TOTEM 360°), VOCAL, V4K-S, MP-8M six types of hardware.
Abby Technology is also actively working with a number of partners to apply related software and hardware products in multiple fields such as digital learning, document processing, digital marketing, and business collaboration, including uniform education platform, ASUS Cloud, iKala, Canon International, Jiege Technology, Taibi Technology, etc., enable education, commerce, medical care, finance, cloud storage and other industries to open up more virtual-real integrated communication mode applications.
Li Xinyi, general manager of IPEVO Technology, said that in the past, software and hardware were integrated and free software was provided. After joining hands with technology partners and introducing more software services, the company proposed the vision of IPEVO 2.0, expecting that software products will be upgraded to a subscription system in 2023. Provide more value-added services, create new income, and further create a hybrid communication ecosystem.
At the beginning of the year, Aibi Technology has been listed on the Xingkuo Stock Exchange, stock code 6858, and its annual revenue in 2021 will reach NT$1.23 billion. However, the cumulative revenue in the first 10 months of 2022 is only NT$372 million, a sharp decline of 67% compared to the same period last year. Li Xinyi explained that thanks to the epidemic last year, the school purchased a large number of IPEVO product upgrade equipment, which made the base period higher. During the first two years of the epidemic, the growth was as high as 4 times compared with that before the epidemic. Now it is still growing compared to 2019 before the epidemic. The high inventory in the industry has also made Aibi Technology bother to clean up the inventory this year, and it has almost returned to normal at present.
With new products being shipped one after another and targeting new markets in Asia and Europe, it is expected to become a new growth driver for Abby Technology next year. It is expected that the six hardware products will account for 20% to 30% of the overall revenue.
In the past, the sales model of physical cameras was that the school directly contacted Aibi Technology or purchased through Amazon, resulting in a gross profit rate of more than 50%. Li Xinyi revealed that with the agency distribution system for commercial video products and the use of agents to deploy products for corporate customers, the gross profit margin may decrease in the future, but revenue growth will increase.
(From the left in the first picture, Lu Guanwei, chairman of Junyi Education Platform, Li Xinyi, general manager of Abby Technology, Hong Yujun, chairman of Abby Technology, Cheng Shijia, CEO of iKala, Wu Hanzhang, general manager of ASUS Cloud; source of the first picture: Abby Technology)
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