Guardforce AI (NASDAQ:GFAI) stock is up on news that the company is expanding its empire. The Singapore-based firm specializes in the security solutions industry. Now, it is establishing subsidiaries in two growing tech markets on opposite sides of the globe. News of this expansion initiative has sent GFAI stock shooting up this morning, and it is poised to keep climbing.
What’s Happening With GFAI Stock
Before markets opened on Tuesday, Guardforce announced the incorporation of two subsidiaries in Dubai and Australia. GFAI Robot & Smart Machines Trading (GFAI Dubai) is still in what the company describes as the “initial setup phase.”
As of this writing, GFAI stock is up more than 26%.
Why It Matters
This has been an overall excellent month for Guardforce, with shares rising more than 150%. Early in March, GFAI stock surged on the news that the company was acquiring Shenzhen Keweien Robot Service and Guangzhou Kewei Robot Technology.
This $10 million acquisition signaled to investors that GFAI was a stock worth watching. Experts predict that the robotics as a service market will reach $41.3 billion by 2028. That means now is exactly the right time for companies like Guardforce AI to grab market share. Chairman Terence Yap agrees:
“Both the Dubai and Australian markets, we expect, will play a very important role in our global RaaS rollout as they foster innovative environments for technology and allow fast growing companies to flourish. With a presence in these two key markets, we are now operating across three different continents and in nine evolving markets globally.”
Guardforce AI’s tech has applications for the restaurant, retail and hospitality industries, but it could easily demonstrate utility for others. The recent trend of workers quitting in mass numbers has only increased employer reliance on robotic technology. Investors should also note that Dubai is one of the world’s fastest-growing cities. Guardforce’s strategic maneuver to establish a presence there should help it secure global market share.
What Comes Next for Guardforce AI
Guardforce has given investors plenty of reasons to pay attention. As the robotics as a service industry grows, GFAI stock can emerge as a more speculative winner.
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On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.