Elixir Group to tap $187 billion tech market

Inayat-ur-Rahman, Deputy Business Editor

Dubai-based Elixir Group, a leading investment conglomerate, focused on technology and real estate investments, held a virtual launch of Elixir Group, coinciding with the launch of world’s leading Gitex Technology exhibition, currently running at the Dubai International Convention and Exhibition Centre, till 10th December, 2020.

Elixir Group, noticing the high market potential of new technologies and its immense application in every industry, has revealed an ambitious plan of automation through 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 developing portfolio and wider 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 and 2022.

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, totalling $187 billion, according to Grand View Research Report 2020 and citations from various other reports.

COVID-19 for Elixir Group proved to be the time to accelerate the automation pivot, rethink and refocus to make it better. The pandemic pushed, like any other industry, to fast-track and streamline its technology acquisitions, collaborations and strengthen the operational capabilities and update its investment plans which is ultimately helping Elixir Group to move ahead of the game.

“New technologies are making the out-of-the-box progress and introducing 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 with others. The applications are far and wide from commercial to personal use and that too branch out in new niches every year. This is the electrifying speed of $187 billion worth of technology market which is growing with innovations.”, said Hunain Shahid, Head of Strategy and Partnerships at Elixir Group.

In the initial phase Elixir Group will be focusing on Artificial Intelligence (AI). Using the AI, company will start with innovative initiatives such as ‘Smart Lead Generation or Automated Lead Generation’ project to target the real customer-base at the targeted 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 buy-selling at stock markets based on the real-time investor trends and market behaviour. It will eliminate the need for human stock brokers and investors. AI-based Retail Customer Behaviour, Automated Supply Chain are some of the other areas where Elixir currently is preparing market feasibilities.

Hunain added: “We are witnessing a logical connection between the human and the machine. There is so much happening in the technology space and we are facing 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 and especially amid the on-going COVID-19, we see the new technologies as a panacea for each and every problem as well as huge business potential and great service to the 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.”

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.

In 2021, 2022, company plans to diversity into Machine-Learning, Robotics, Edge Computing, Internet-of-Things (IoT), Virtual Reality and Augmented Reality sectors. Elixir Group will first focus on the UAE market, and will expand into the Middle East and South Asia markets over the next two years. COVID-19 for Elixir Group proved to be the time to accelerate the automation pivot.

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 Artificial Intelligence and Machine Learning.