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.
‘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.