This Christmas will be a watershed moment for wearable technology, according to new research from technology giant Samsung.
The South Korean firm says it expects spending on technology such as smartwatches and fitness trackers to increase by 182 per cent this Christmas, compared to the festive season last year.
In the UK alone, the firm forecasts that more than £100m will be spent on wearables this Christmas, with more than a million units sold.
Andy Griffiths, president of Samsung UK & Ireland said: "The wearables market has exploded over the past 12 to 18-months with some incredibly exciting and innovative products entering the market.”
Speaking about year-on-year sales, he added: "As the benefits wearable technology can offer become better understood, it is natural that the sales within this sector will grow and we are delighted to see predictions of 121 per cent growth and sales reaching €395m (£312m) in the UK alone by the end of this year.
"At Samsung, we are passionate about bringing to market products that enhance people's lives and hope that as we continue to innovate in the exciting wearables space that our products will continue to excite and engage people."
Samsung has released multiple wearable technology devices in the last year, including the Galaxy Gear and Gear Fit, while rivals Apple will launch their first smartwatch in early 2015 and the technology is finally beginning to be seen as fashionable, with the Apple Watch appearing on the cover of Vogue in China this month.
"Wearables have a key part to play in the future of fashion retail and this research today from Samsung underlines their potential to totally reinvent the sector," said William Kim, CEO of fashion brand AllSaints.
"The last decade has seen an evolution in verbal and written communication – today I have five ways I can instantly speak with anyone in the business whether in our atelier, our distribution centres or our global stores.
“The next decade will see an evolution of non-verbal communication – wearables and the internet of things will communicate information at a rate never before seen, allowing businesses to be more efficient and enabling greater emphasis on the customer experience. For AllSaints this is the truly exciting part."
The Samsung's research noted that the sales forecasts suggest fitness and activity tracking devices will be the most popular come Christmas with £29m of the Christmas 2014 wearable spend on devices that track movement, heart rate and calories burnt throughout the day.
Communications firm Zeno carried out research alongside London's Imperial College Business School and found that consumers, despite their concerns, seem willing to trade some privacy in the name of better wearable technology.
Like Samsung, Zeno's Wearable Privacy Report forecasts a steep increase in the popularity of wearable’s, predicting that by September 2015 more than six million people in the UK will own one.
This comes despite 55 per cent of those asked saying they did not want data gathered from their device to be shared with third parties – a practice that is common in technology. However, more than 50 per cent said they would be willing to share personal information in return for rewards.
Samsung's forecasts suggest almost £1bn will be spent on smartwatches and activity monitors by the time 2014 ends.