Speaking at the World Economic Forum in Davos, Switzerland, Google CEO Eric Schmidt touted the benefits of a "truly mobile Web," saying that it will create a "huge revolution," Reuters reports as part of its overall coverage of the event.

Schmidt reportedly expects this revolution to occur within the next year. According to Reuters, he also believes that current estimates for mobile advertising, including a figure from Forrester Research that the market will still be under $1 billion by 2012, are too low and don't take into account such things as the "tipping point" the mobile Web has yet to reach.

Google, which is betting its future on winning a chunk of the 700 MHz wireless spectrum currently up for auction by the FCC, has high hopes for location-based advertising and the new markets that will open up.