Could the location-based service business be a 10 billion industry?

According to a new report from Strategy Analytics, by the year 2016, location-based services could become a $10-billion-per-year business.

This could be true despite the fact that there are growing and very vocal concerns about what businesses do with the data they collect.

The report, "The $10 Billion Rule: Location, Location, Location," shows a "strong evidence of consumer demand for LBS in line with rising smartphone and data plan penetration."

There will be a need for providers to become transparent with users about how location data is captured, managed and stored. Information safe-guarding will be a central component to the growth of the industry.