By Daniel Hunter

The UK economy could lose out on almost £10bn over the next 12 months due to slow adoption of smart technologies, according to a report by Samsung UK.

The Smart Society Barometer shows that UK businesses could be suffering from a 'smart deficit' worth a potential £5.6 billion impact on the bottom line.

More than one in four businesses (27%) admitted they've lost out on new contract or clients because they haven't got the right technology in place. The telecoms and utilities sector in particular is suffering from the so-called 'smart deficit', with 41% of those surveyed saying they've missed out on new work. The financial sector was a close second with 37%.

Samsung said business owners are aware of the benefits of smart technology, with the majority believing it could save the business an average of £81,000 a year.

IT Managers have revealed that there has been a lack of financial investment and thorough training in the UK, stating that only 11% of their annual IT budget is going towards smart technology. And 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: “We need to understand the technology that businesses and consumers want and need, and equally what the barriers to the adoption of these new technologies might be. 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.”

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