A new report suggests that Web 2.0, married with the proliferation of broadband access, has the ability to enhance the double-digit growth of the ecommerce industry.
Leading internet service providers and internet media companies such as Google and Yahoo are already benefiting from the plentiful opportunities that this new technology provides, according to Paul Budde Communications.
The business diversity that Web 2.0 applications allows will only serve to boost online industries, Paul Budde senior analyst Kylie Wansink told Digital Arts.
"We see more and more businesses increasing their e-activities," she said. "This increase in activity is being reflected in the companies' financial performance.
As many as one million companies now rely on the internet economy for over half of their revenue, she explained, yet only 16 per cent of the population is online - "leaving room for further growth ahead".
Social networking applications and video-based communication supported by Web 2.0 technology will continue to fuel this growth, she concluded.
According to the latest statistics from comScore, ecommerce sales in the US increased by 23 per cent in the third quarter of 2007 to $28.4 billion.
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