Within the next year, Facebook display ad revenue is supposed to grow by 80.9 percent. The company is expected to beat out Yahoo!, who’s the current frontrunner, by raking in $2.19 billion — but that estimate could quickly grow even more.

The figure, which was estimated on the conservative side, might be adjusted to higher numbers once the company’s revenue is evaluated in August. According to eMarketer, Facebook is expected to account for 17.7 percent of display ads this year and 19.4 percent by 2012. Yahoo! is expected to drop to 13.1 percent of the display ad market this year and 12.5 percent next year.

Facebook’s success in ad revenue is attributed to its overwhelming popularity. Not only are there almost 700 million users, but those users spend a great deal of time on the social network. Because of this, advertisers’ willingness to pay heightened costs for Facebook ads has increased.

Despite Facebook’s major projected revenue, it’s actually slower growth than what the company is used to. In 2009, the company’s ad revenue grew by 164.1 percent and in 2010 it grew by 117.8 percent. It’s been slowly declining from there with a projected 80.9 percent in 2011 to a 31.3 percent in 2012.

While Facebook’s ad revenue slows down it’s pace, Google is inching up. In 2010 Google saw more growth than the social network at 140.5 percent. However, in 2011 it’s growth shrunk back down to 34.4 percent. In 2012 it is projected to have the highest figure of the top 5 ad-selling companies with 58.3 percent growth.

Do you think Google will beat out Facebook in 2012 when it comes to ad revenue growth?