According to IDC report, the social networking applications market is expected to jump from $46.8 million in 2006 to $428.3 million by 2009. As the market develops, social networking functionality will be built into core communication platforms like email and instant messaging (IM) applications and the market, particularly the enterprise segment, will consolidate.

“Social networking is the new must-have communication application and is being used for both marketing and operational efficiency,” said Rachel Happe, research manager for the Digital Business Economy at IDC. “Social networking applications drive engagements, information exposure, and conversions as well as reducing marketing and operational costs.”

There are three social networking segments emerging, IDC’s research indicates. These include: self-service applications used by groups and marketing campaign teams; brand applications that focus on persistent customer engagement; and enterprise applications that provide more effective ways of working with customers, partners, and other external parties.

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