Web 2.0 market will be worth £2.3bn by 2013, Forrester says

Business spending on Web 2.0 technologies will rise over the next five years, growing 43% each year to reach £2.3bn globally by 2013, according to Forrester Research.

The five-year forecast projected that business spending on social networking technologies, RSS, blogs, wikis, mashups and podcasting will rise as firms try to gain a competitive advantage from social networking technologies by connecting closer with customers and improving employee collaboration.

"Social computing and Web 2.0 marketing is still in its infancy, and in general, the market is still in an experimentation phase, but in the long run, the effect of Web 2.0 will be enormous," said Forrester Research Analyst Oliver Young.