Is the social networking bubble ready to bust?

A new report by Forrester Research suggests the social networking space is running out of people to convert.

According to CNET, Forrester says the near universal reach of social media and a limited amount of time that users can afford to spend on the medium will result in dramatic changes to the industry.

But that's not to say social media isn't currently making an big impact: statistics suggest the world spends more time consuming social media than going to church, phoning, emailing and exercising.

Consumer research has found 86 per cent of people have now adopted social media with some discrepancies between countries.

For example, 95 per cent of Polish people use social media, adoption has reached 88 per cent in Canada and 97 per cent in urban China.

Impending social media saturation, according to Forrester, means there will be less room for playful niche services like FourSquare and instead revolve around more efficient, time saving new media tools.