New technologies are making out-of-the-box progresses and making radical changes to work-life environments. The technology which was impossible a year ago is now possible with awe-inspiring results, such as a chip implanted into the human brain and connected to the computer and smartphone to communicate. The applications are far and wide from commercial to personal use and that too branch out in new niches every year. This is the speed of $187 billion worth of technology market.
Elixir, a Dubai-based investment group, noticing the potential and application of new technologies, has an ambitious plan of disrupting, deploying technological transformation, automation and connectivity though the Artificial Intelligence and related products for the UAE market at first stage, and later on rolling out its expansion into the entire Middle East and South Asia regions. With the portfolio and geographic expansion, the company plans to diversify into the Machine-Learning, Robotics, Edge Computing, Internet-of-Things (IoT), Virtual Reality and Augmented Reality sectors in 2021.
In the initial phase Elixir will be focused on Artificial Intelligence (AI). Using the AI, company will start with innovative initiatives such as ‘Smart Lead Generation’ project to target the real customer base at the exact geographical location. For example, a smart user-interface used in food delivery and related services; Smart Customer Service: using Al-powered Data Bank to automate responses to FAQs; Robo Advisors: to automate the stock market shares buy-selling based on investor and market behavior. It will eliminate the need for human stock advisors and brokers. AI-based Retail Customer Behavior, Automated Supply Chain are some of the other areas where Elixir currently is preparing market feasibilities.
Ali Rao, Group CEO of Elixir Group, said, "We now see a logical connection between the human and the machine. There is so much happening in the technology space and we are witnessing radical developments and changes that are directly impacting the life on earth and beyond, and changing the way we live and work. At this juncture, we see the new technologies as a holistic panacea for each and every problem as well as huge business growth potential and great service to humanity. Our AI-powered solutions will support different business sectors. Industries and people can take the full advantage of modern technologies and have an opportunity to invest in what Elixir offers.”
“At a later stage company will reveal details of diversifying into the Robotics, IoT, VR, AR, ML, Edge Computing, and FinTech, making Elixir one of the largest and the best tech companies across the Middle East and establish its footprint in the South Asia markets,” said Ali.
It would be pertinent to mention here that the Fourth Industrial Revolution, dubbed as Industry 4.0, is currently making waves in the traditional way of manufacturing, automate factories, integration and creating a value-chain.
Key sectors to benefit
The key industries that will benefit from Elixir technologies, especially Artificial Intelligence, are healthcare, agriculture, retail, defense, e-commerce, marketing, banking and finance and manufacturing.
AI is one of the most transformative tech evolutions of our times. Major global technology giants are harnessing the power and using and thousands of companies from various industries have started to explore how they can use AI to streamline their business operations, customer experience, save time, and secure data. The trend will continue in coming years, while people and employees will increasingly become used to working alongside AI, Elixir will design and deploy its own AI-based systems that will create a lucrative proposition for businesses.
The current market size of modern technologies is over $187 billion which is divided into: AI-$39.9 billion, ML-$8.44 Billion, Robotics-$41.23 Billion, Edge Computing-$3.6 Billion, IoT-$82.4 Billion, VR-$10.32 Billion, AR-$1.54 Billion, totaling $187 billion, according to Grand View Research Report 2020 and citations from various other reports.
COVID-19 for Elixir proved to be the time of rethink, refocus and accelerate the automation pivot. The pandemic pushed, like any other industry, to fast-track and stream its technology acquisitions, increase, strengthen operational capabilities and investment plans which ultimately helped it to move ahead of the game.
UAE Plan 2030
The UAE Plan 2030, starting from next year, encompasses to harness the growth through using modern technologies. The plan includes: Abu Dhabi Economic Vision 2030, Environment Vision 2030, Plan Abu Dhabi 2030, Abu Dhabi Transportation Mobility Management Strategy, Surface Transport Master Plan, Dubai Autonomous Transportation Strategy, Dubai Industrial Strategy 2030, Dubai 3D Printing Strategy and UN’s 2030 Agenda.
Being a radical and ambitious conglomerate, Elixir has a soft side as well and allocates a portion of its resources for its CSR programme. Beside technology initiatives, the company has a track-record of philanthropy works across the world, especially in the UAE.
Elixir was established as an investment group in 2003 in the UAE to invest in ventures that demonstrate high growth potential. It invested in different ventures ranging from real estate to technology during this time and reaped exponential returns from various investments. The group is currently focused towards implementing certain technologies in the MENA and South Asia regions spearheading disruption through AI and Machine Learning.
Elixir official launch
Elixir’s official launch will be held at Gitex 2020, which will be held in December at Dubai World Trade Centre, where the company will announce details of its future plan, expansions and acquisitions.