New research by Samsung Electronics has shown that the value of the wearable market in the UK, Germany, Spain and the Netherlands is set to hit £924.2 million by the end of the year.
In the UK specifically, the market is predicted to reach a value of £313.6 million by the end of 2014, with the Christmas period expected to have a huge impact on wearable sales.
According to the report, festive sales in the UK will rise by 182 per cent from 2013 to £104.7 million, equating to over a million units.
Fitness and activity trackers are expected to be the most popular devices in the UK and across Europe, predicted to account for almost £29 million of the total £104.7 million predicted spend. This will be followed by smart watches and healthcare, which will account for £25.04 million and £22.01 million respectively.
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.
"At Samsung, we are passionate about bringing to market products that enhance peoples' lives and hope that as we continue to innovate in the exciting wearables space that our products will continue to excite and engage people."
The UK is the country with the highest growth in wearables across Europe at 120.8 per cent, followed by Germany at 118.2 per cent and Spain at 117.2 per cent. The biggest growth area in the UK is predicted to be smart watches, increasing by 667 per cent in 2014.
William Kim, AllSaints-CEO, said, "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."