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October 24, 2014

Smart technology defecit: UK economy losing out on £10bn

Samsung's research says UK enterprise could miss out on £5.6bn in the next 12 months.

By Ben Sullivan

Samsung, maker of the Galaxy S5 smartphone, has claimed that UK businesses could lose out on £5.6bn next year by not embracing ‘smart’ technology.

After conducting a study called the ‘Smart Society Barometer’, Samsung released findings pointing towards a £10bn total financial impact on the UK if smart technology usage doesn’t increase, with UK consumers potentially missing out on £3.6bn through a lack of understanding of smart technology benefits.

Smart technology includes connected devices and cutting-edge cloud computing.

Andy Griffiths, Samsung UK and Ireland president, said: "The Smart Deficit that we have identified through the Smart Society Barometer should act as a wake-up call for the technology industry and its partners. Smart technology adoption is happening and where it is being used most effectively, the benefits are already being felt both by individuals and businesses."

Samsung said that the findings showed that more than one in four businesses are admitting they have lost out on a contract or client because they haven’t had the right smart technology in place. In the telecoms and utilities sector, this rises to 41% of businesses missing out on potential work opportunities.

When it comes to UK consumers, out of the 2,500 members of the public who were quizzed, 51% feel more comfortable adopting smart technology into their personal life rather than work, and think that there are still some barriers to overcome before we become a truly smart nation. Nearly one in four respondents said a lack of understanding of what smart technology is and how it can benefit them as the reason they were not currently investing in it.

Samsung said these barriers are impacting the savings consumers could make with Britons missing out on up to £3.6 billion by not adopting or using smart technologies to their full potential.

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