Increasing demand from research laboratories is also driving the growth of global reference management tools market.
Covid-19 Impact on Reference Management Tools Market
Covid 19 pandemic broke out in 2019. Ever since WHO declared 'Pandemic,' it has created disruptions in almost all markets. Remote working, supply chain disruptions, and lockdowns were phenomena produced by this pandemic.
At a compound annual growth rate of 7.8%, the size of the worldwide Reference Management Tools market is projected to reach US$ 487.9 million in 2027.
This report offers an overview of businesses changing modus operandi, business strategies, and investment strategies that leaders are adopting across the globe to tackle the challenges possessed by this pandemic. The COVID-19 epidemic affected nearly every country on the planet. This epidemic wreaked havoc on practically every business. Some industries have faced downfall, and some have experienced positive effects due to this pandemic.
Due to various restrictions imposed by regulating bodies to curb virus, digital educational content requirements increased during the pandemic, increasing demand for these tools. The COVID-19 pandemic caused many research activities in the medical sector, increasing demand for this market.
Cloud-Based is the Largest Segment By Revenue
Cloud-Based is the largest segment of Reference Management Software. This segment is estimated to reach 255.81 million USD by 2025 with a CAGR of 8%. The web-based segment has the second-largest share of this market. With a CAGR of 6%, the web-based segment is predicted to reach 191 million USD by 2025.
Academic Segment Poised for Rapid Market Growth
The reference management tools market is segmented into academic, government, and corporate segments by application. The academic segment has the largest share in this segment from this segment. By 2025, the academic segment is expected to generate $262 million in sales, with a CAGR of 7.1 percent.
North America Accounted for Highest Market Share
North America accounted for highest market share in global reference management tools market. The United States has been the largest region of reference management tools globally in the past few years, and this trend is estimated to continue within the forecasted period. EU and USA are now the major providers of reference management tools.
Growing use of tablets and smartphones increasing need for digital instructional content is improving the reliance in reference management tools.
Factors such as increased research being conducted in artificial intelligence, machine learning, and natural language processing, increasing use of smartphones and tablets is resulting into remarkable progress of global reference management tools market.
The save reference, easy retrieval and management of data, pasting reference, import of bibliographic data are some most common features of Reference management tools which is increasing the adoption furthering the global Reference management tools market.
The global reference management tools market is expected to reach USD 255.81 million by 2028, growing at a compounded annual growth rate of 7.1% from 2020 to 2028.
Reference management tools are tools that help to organize and manage the references for research. The reference management tools assist organizations in managing and creating reference databases. The process reduces human effort and saves significant time. Reference Management Software is used to assist researchers, students, and anybody else who is sourcing other materials with citing effectively and accurately.
However, plagiarism or inaccuracy, inefficient reference techniques, lack of awareness about reference management software, lack of technical support, time consuming, slow internet bandwidth, complex software, lack of library staff support, insufficient training to employees, are some key problems associated with reference management tools. This is limiting the adoption of reference management tools thereby hampering the global Reference management tools market.
Furthermore, reference management tools are increasingly being utilized for bibliographic references and organized collection. One of the elements fueling this market's growth is increased digitalization in the education industry. As the number of research is rising in the field of machine learning, artificial intelligence, and natural language processing, this increase has been a significant factor in reference management tools market growth. As more people use tablets and smartphones, the need for digital instructional content is growing. It allows you to use any device with an internet connection to access information. Growing demand is one of the primary factors of this market's rise.
The market for reference management tools is crowded. Key market players that formulate the competitive landscape of the reference management tools market include ProQuest (RefWorks), Mendeley, Clarivate (EndNote), Paperpile, Chegg (EasyBib), Zotero, JabRef, Cite4me, Sorc'd, Citavi, Digital Science (ReadCube), wizdom.ai, NoteExpress.
Latest Innovations In Global Reference Management Tools Market
- Innovative, a prominent developer of integrated library systems for academic, public, and specialty libraries, was acquired by Ex Libris, a ProQuest subsidiary, in January 2020.
- QSR International, the leading producer of QDA (qualitative data analysis) software, announced today that it has purchased Swiss Academic Software, the creator of Citavi, in February 2021.
Reference Management Tools Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||US$ 487.9 million|
|Growth Rate||CAGR of 7.8% during 2021-2027|
|Segment Covered||product type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Mendeley,Clarivate (EndNote),Chegg (EasyBib),ProQuest (RefWorks),Zotero,JabRef,Cite4me,Sorc’d,Citavi,Paperpile|
Key Segments of The Global Reference Management Tools Market
Type Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa