With the recent regulatory approval for white spaces – the available airwaves that exist between TV channels – investors, corporations and regulators are predicting it may one day lead to a “billion dollar” sector.

White space was described as the “next billion dollar wireless industry,” by The Business Insider, bringing to mind the success of more traditional Wi-Fi service and other recent advancements.

“Eventually, companies could use white spaces to deploy ‘super Wi-Fi’ technology that could carry Internet signals for miles and through brick walls,” predicted The Business Insider.

On Thursday, the FCC approved a device from Koos Technical Services and a system from Spectrum (News - Alert) Bridge to manage a related database, according to a report from TMCnet.

“Unleashing white spaces spectrum has the potential to exceed even the many billions of dollars in economic benefit from Wi-Fi, the last significant release of unlicensed spectrum, and drive private investment and job creation,” FCC (News - Alert) Chairman Julius Genachowski also predicted in a commission statement.

Google and Microsoft (News - Alert) are big supporters of the potential of white spaces, The Business Insider said.

The first device will be restricted to Wilmington, NC, until the FCC gives its approval for expanding the service.

During June, investors put some serious money into white spaces, with a $12.8 million investment in Neul, a company based in Cambridge, UK.  Neul is part of the Cambridge TV White Spaces Consortium. Among the investors in Neul are DFJ Esprit, IQ Capital and Cambridge Angels, according to a report from inuxDevices.com.  

Other members of the consortium are: the BBC, BSkyB, BT, Cambridge Consultants, Microsoft, Nokia (News - Alert), Samsung, Spectrum Bridge Inc. and TTP.

There will also be tests of streaming video and audio from the BBC and BSkyB “to a range of mobile devices, including some from Nokia and Samsung (News - Alert),” Microsoft said in a recent statement.

“The use of TV white spaces also has the potential to help bring mobile broadband to rural areas that are not currently served well by existing connections,” Microsoft added.