The former Amstrad boss and The Apprentice star, who returned to consumer tech this year with the successful launch of digital TV service YouView, has innovated in various tech fields over his career, including audio, personal computing, telecoms and television.
Sugar built the satellite dishes and receiver boxes that helped Rupert Murdoch launch Sky, the latter eventually buying Amstrad for £125 million in 2007.
"I have been fortunate enough to receive a few honours and awards over the years, but this one is special and I am proud to accept it," Lord Sugar said.
"When I look back at my career achievements since starting Amstrad in 1967 – from making hi-fi units, computers and the first Sky satellite dishes, to bringing YouView to market this year – the one thing that has kept me motivated is that I am a real tech geek at heart.
"Since I was a child, I've always wanted to crack something open, get my hands in there and understand how it works, be it a stereo, computer processor or a set-top box. I'd like to thank T3and the award judges for recognising the contribution I have made to the industry."
T3 editor Luke Peters added: "Lord Sugar is one of the great names in British technology. Courageous and entrepreneurial in everything he has ever done, we are honoured that he has accepted this award."
Lord Sugar will be presented with his 'Outstanding Contribution to Technology' award by Sir Charles Dunstone, the co-founder of The Carphone Warehouse.
The T3 Gadget Awards 2012 will be held at Old Billingsgate in London on October 8, hosted by Absolute Radio breakfast presenter Christian O'Connell. For the full shortlist, visit awards.t3.com
Photography Dan Burn-Forti @ Corbis Outline