Geographic mapping services log $3 billion sales, 1.35 lakh jobs in 2011
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According to the Boston Consulting Group (BCG) report commissioned by Google, the impact of geo services industry is valued at approximately 15 times of the current size.
"In India, geo services help Indian businesses drive $40-45 billion in revenue, save $70-75 billion in costs and affect 8-9 million jobs in India," it said.
The Indian geo services industry is comprised of companies that process location data, produce geo-enabled software, and expert industries that use geospatial data to generate insights.
The report also found that Indian consumers are also willing to spend $1.5-2 billion more than they currently do for geospatial services like online maps, navigation systems and local searches.
"Geo services helped generate $2 billion in revenue within the Indian accommodation and food services industry alone. Users benefit as it makes it easier for them to find the information on local offerings and creating valuable efficiencies in their day-to-day lives," Google India Head Product Lalitesh Katragadda said.
Geo services like Google Maps are helping to grow the Indian economy by enabling job opportunities, and paving the way towards future innovation, he added.
"To enable continued growth, governments, companies, researchers and consumers all need to encourage mapping innovations and investments in India," Katragadda said.
A variety of other industries like transportation use geo services for making their businesses more efficient and productive.
"Currently, geo services represent 0.2 per cent of India's GDP and affect 2 per cent of the national workforce. However, there is tremendous room to grow this industry and create a lasting source of competitive advantage for India," said Prashant Agrawal, one of the BCG consultants who worked on the report.
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