Businesses to spend $5 billion on social networking tools by 2013, claims a report

Web 2.0 is all set to be embraced by Enterprise 2.0 as businesses get ready to spend almost $5 billion on social networking tools by 2013. Over half of the firms in Europe view Web 2.0 as a priority for the coming year, states a report. The news comes just as San Francisco hosts the Web 2.0 conference on the next generation of the web.

This is where we perceive the future of the web. The firms making announcements here are indeed building that future.

Jennifer Pahlka, conference co-chair.

Forrester, the research firm that conducted the Web 2.0 survey, thinks that the technologies being developed and to be unveiled in the near future stand for ‘a fundamentally new way’ for business firms to communicate with customers and employees.

The report also found that consumer giants like General Motors, Northwestern Mutual Life Insurance, Wells Fargo Bank and McDonald’s will drive much of this evolution. They have already embraced tools, such as RSS feeds, podcasting, blogs and social networking. Analysts are unanimous on the fact that a majority of the firms in North America and Europe regard Web 2.0 as a priority in 2008.

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