Location-based services (LBS) are a broad range of services provided to users based on their geographical location. These services leverage the capability to find a device's geographical location, including a device, including a smartphone, tablet, or GPS device, in real-time to offer various services and solutions. High penetration of smart devices, increasing internet access, rising use of social media, and easy availability of GPS technology are driving the market growth. The emergence of location-based technology owing to travel information and flexible route options also fuels the market growth. Issues with the inaccuracy and reliability of location tracking and privacy and security concerns associated with location-based services are restricting the market development. Integration of Bluetooth low energy (BLE), IoT, and blockchain technology in location-based services is expected to boost the adoption of LBS. The emerging potential of location and advertising-based marketing among organizations offers customers a seamless, personalized shopping experience, which could open new applications for LBS.
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