iSuppli: Social networks to become popular on wireless

Market research firm iSuppli has said in a report that they expect the Wireless social networking industry to generate more than $2.5 trillion in revenue by 2020.

The report said that companies which cannot keep up with the popularity and growth of this market would soon find themselves in tough situation.

Derek Lidow, president and CEO at iSuppli added: “Over the next 10 years, as mobile devices like Smartphones become the primary channel for viewing content or accessing the Internet, social networking will move largely into the wireless realm, providing the type of ubiquitous connection that consumers are demanding.”

He further said: “This event will accompany the creation of a new generation of applications that will greatly expand the appeal and utility of social networking, and will finally generate profits for the social networking industry.”

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