View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 31, 2013

Annual Geo services industry is worth $270bn: report

Enhanced navogation has been saving 1.1 billion hours of travel time, and 3.5 billion litres of gasoline per year.

By CBR Staff Writer

According to a new report by Oxera, the Geo service industry to generates about $270bn in annual revenue.

The study, commissioned by Google, expects Geospatial technology to rise if policymakers, private companies, researchers and consumers continue to invest in this emerging industry.

Google Geo VP Brian McLendon said that Google Maps and the company’s Enterprise applications have contributed to the geo services industry and making maps more widely available.

"The transformation of the maps we use everyday is driven by a growing industry that creates jobs and economic growth globally,"McLendon said.

According to the report, it is anticipated that global businesses have set aside about $17.3bn over time saved through the use of navigation technology and the technology has saved about a total of 1.1 billion hours of journey time.

Governments have also tapped into geo mapping technology for several services ranging from disaster responses to urban planning and enhancing mass transit systems.

Google Maps public policy analyst Charlie Hale said that geo technologies are changing the way people, corporations and governments interact with the world, making them more efficient and enabling cost savings.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

‘We’re thrilled that geo services like Google Maps and Google Earth are helping to grow the global economy, enabling job opportunities, leading the way towards future innovation,’ Hale said.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.