Mapping might be something we all use on our smartphones, but according to a new report, global geolocation technologies, such as GPS and smart mapping, are a growth business worth up to $US270 billion a year.
The report (pdf), compiled by UK consulting firm Oxera on behalf of Google, comes up with some startling statistics on how much money geographical services saves various industries. It’s also worth noting the report looking at the geolocation market as a whole, and not just Google’s contribution.
Companies and individuals using geographical services save around 0.1 percent of global oil production, simply through more efficient routing and travel. That might not sound a lot, but it translates to 3.5 billion litres of high octane petrol, globally, per year.
That petrol saving directly translates into a more efficient logistics industry, which the report estimates will save $10 billion per year, simply by finding more efficient ways of getting products and services from point A to point B.
The agriculture industries, which use precision GPS-guidance for crop planting and harvesting, are also a big beneficiary of the growing global geographical services sector. Overall, it’s estimated agriculture saves between $US8 billion and $US22 billion a year.
Overall, the report found the geographical services market is equal to 0.2 percent of global gross domestic product – and will continue to grow strongly over the next decade.