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Location-based services could become a $10-billion-per-year business by 2016, despite recent concerns over privacy and what companies do with location data once they’ve gotten it, according to a new research firm report.

“The recent kerfuffle over Apple iPhone tracking and other privacy concerns will barely be a speed bump in the evolution of location-based services (LBS) because there is simply too much money at stake,” said the research firm Strategy Analytics in their new study called “The $10 Billion Rule: Location, Location, Location.”

“Consumers are increasingly demanding services such as search, maps or navigation, for which location information is either fundamental to or provides greater context, utility and therefore appeal,” the firm said. “For advertisers, location data provides opportunities for ad targeting and optimization.”

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