“It’s the recreation of the Internet, it’s the recreation of the PC (personal computer) story and it is before us — and it is very likely it will happen in the next year,” he told WEF panel.

But Mr Schmidt said this figure was too low and failed to take into account the fact the mobile Web was reaching a tipping point.

Google aims to be a prime mover by bidding for coveted airwaves to launch an open US wireless network.The move will take the Silicon Valley-based company well beyond its core Web search and online advertising franchises.

Mr Schmidt said he was confident location-based advertising — which could, for example, direct hungry travellers to nearby restaurants — would be “a very, very good business.”