The UK economy could lose up to £9.25 billion over the next 12 months unless smart technology growth is accelerated, according to research.
The Samsung Smart Society Barometer reports that UK businesses could lose up to a total of £5.6 billion in the next year by not unlocking the benefits of smart technology
Businesses believe they could save an average of £81,000 over the next year if smart technologies were adapted across every aspect of their business.
The research says one in 10 British businesses have yet to adopt any smart technology.
In addition, Samsung says UK consumers are losing out on a total of up to £3.6 billion through a lack of understanding of the benefits smart technology can bring.
Smart meters and products that allow household equipment to be controlled remotely have the lowest adoption rates among consumers (six percent), said Samsung, yet are amongst the products people would most like to invest in (at least 60 percent).
The Smart Society Barometer includes findings from research conducted with 1,000 UK businesses and 2,500 members of the public.
The research found that more than a quarter of businesses (27 percent) admitted they had 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 percent of businesses missing out on potential work opportunities, and more than one in three companies (37 percent) within the financial sector have admitted to losing work due to their lack of smart technology adoption.
UK business leaders cite increased productivity and data access as the key areas where smart technology could help drive efficiencies within their business.
Yet whilst these business leaders understand the importance of smart technology financially - with companies who have begun investing in smart products making an average saving of £75,000 to date, according to the research - there are several barriers stopping a more rapid acceleration of smart technology adoption.
IT managers have revealed that there has been a "lack of financial investment and thorough training" in the UK, stating that only 11 perent of their annual IT budget is going towards smart technology. Furthermore one in five admit the lack of smart adoption is because it is too time consuming to train people up on new technology.
Andy Griffiths, president of Samsung UK & Ireland, said: "The Smart Society Barometer is our temperature gauge on how the UK is adapting to the rapid innovation taking place within the technology industry, which in turn allows us to create products that match the needs of UK businesses and consumers.”