Wearables market to be worth £1 billion by 2018

With interest in smartwatches kicking up the gears and a mass of new devices on the horizon, Samsung has suggested that the wearables market will be worth £1 billion by 2018.

According to the Korean manufacturer, interest in the wearables space is set to grow rapidly over the months and years, opening up an exciting new sector worth vast amounts of money to companies who finally crack the current issues.

“The wearables market is going to be worth a £1 billion by 2018,” Phil Oldham, Samsung’s UK head of enterprise marketing said while speaking during the company’s Future Scape event recently.

“The growth in new technologies is bringing the next step to the modern workplace,” Oldham added. “We see the wearables space as a really interesting place for Samsung to be developing our technologies.”

Although interest is high around the emerging sector and wearables is the latest buzzword of the tech space, manufacturers have yet to see this curiosity truly translate into considerable sales figures.

Samsung’s wearables efforts were dealt a sizeable blow recently when Apple co-founder and influential voice of the tech space, Steve Wozniak, branded the Galaxy Gear “worthless”.

Speaking on the Galaxy Gear, Woz stated: “That was the only technology I bought to experiment with that I threw out after half a day, sold it on eBay because it was so worthless and did so little that was convenient.”

Venting his grievences he added: “You had to hold it up to your ear and stuff.”

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