Reference Management Tools Market Size, Growth, Size, Share, and Industry Analysis, By Type (Cloud Based, Web Based), By Application (Academic, Corporate, Government), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

Reference Management Tools Market Report Overview

• 
• Request a Free Sample to learn more about this report

The global reference management tools market size was USD 318.6 million in 2021 and is expected to touch USD 531.7 million by 2028, exhibiting a CAGR of 7.5% during the forecasted period.

Reference management tools are internet applications and software that help organize and manage references for research purposes. Reference tools aid organizations in managing and creating reference databases and various citations, reducing human effort and time significantly and increasing market demand. Professors use reference management software, researchers, students, and anybody who sources materials with accurate and influential citations. 

Furthermore, reference management software and tools are highly used for bibliographic references and collection. One of the significant factors fueling the market's growth is the rising digitalization in the education sector. Research in the machine learning field, artificial intelligence, and natural language processes have significantly increased reference management software growth and share. With people using smart devices, the need for digital content is growing as it allows one to access information with an internet connection on any device.

COVID-19 Impact: Digitalization of Education and Research Propelled Market Growth

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels post the pandemic. The market need for reference management software is expected to increase during the forecast period. The global COVID-19 pandemic was unprecedented & staggering, with reference management tools experiencing higher-than-anticipated demand across regions compared to pre-pandemic times.

Due to the lockdown, the pandemic prompted several research industries and educational institutions, universities, and schools to go digital. This meant a transitional shift from the physical writing mode to online submissions and examinations. The use of reference tools during the period by students and professors increased massively to avoid plagiarism and increase the efficiency of their work. Thus, the market growth and share of the software and tools propelled significantly during the last two years, with students and professors demanding the tools excessively.

LATEST TRENDS

"Increasing Adoption of Smart Devices to Drive Market Growth"

The increasing adoption of intelligent devices such as mobiles, tablets, and computers in developing countries and regions will drive the management tools market growth. The rising awareness amongst consumers about technological innovations and reference software and tools will lead the industrial market share and development. The utilization of these services in schools, colleges, and universities by professors and students is a significant factor projected to increase the market demand for reference tools as they provide easy access to information without using journals and books.

Reference Management Tools Market Segmentation

• 
• Request a Free Sample to learn more about this report

• By Type

The market is categorized into cloud-based and web-based reference management tools.

• By Application

The market is subcategorized based on other applications into academic, corporate, and government.

DRIVING FACTORS

"Demand for Digital Content and Innovations to Fuel Market Share"

The rising demand for digital content owing to innovations in the industry will fuel the reference management tools market growth as the software provides easy access to the internet and information. The boom for digital content during the pandemic, such as e-libraries and e-journals due to the closure of academic institutes, is a significant factor propelling the industrial market share and growth. Thus, the demand for reference tools and software will increase with digitalization during the forecast period.

"Research and Development Activities to Increase Market Share and Demand"

The increasing research and development activities in sectors such as artificial intelligence, natural language processing, and machine learning will aid the market's share and demand in the services industry. The rising funds for research purposes in schools, colleges, and universities, along with digital innovations by tech giants, are the significant factors aiding the market growth and share of the reference management market. Thus, the market will witness an unprecedented boom in demand during the forecast period.

RESTRAINING FACTORS

"Technological Complications and Challenges to Impede Market Growth "

Technological challenges and complications such as plagiarism, weak references, lack of awareness about reference management tools and technical support, slow internet reach and bandwidth, and complex software are the major factors that impede the market growth. Furthermore, reference management software's lack of library support and insufficient employee training are critical problems. These difficulties limit the adoption of reference management tools, thereby hampering the global market.

Reference Management Tools Market Regional Insights

• 
• Request a Free Sample to learn more about this report

"North America to Lead Market Share Owing to Tech Giant Innovations"

The North American region will lead the reference management tools market share due to the presence of major industrial players and tech giants. Innovations by tech-driven companies such as Google and Grammarly will enhance the market growth and share of the management tools market, leading to profits and revenues for significant industrial players. Thus, the market will witness an upward growth trajectory during the forecast period.

KEY INDUSTRIAL PLAYERS

"Innovations in Digitalization and Education Sector to Lead Market Growth"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the reference management tools industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change. North America will lead the significant market share, with the U.S. leading the revenues.

List of Market Players Profiled

• Mendeley (U.K.)
• Clarivate (EndNote) {U.K.}
• Chegg (EasyBib) {U.S.}
• ProQuest (RefWorks) {U.S.}
• Zotero (U.S.)
• JabRef (Bavaria)
• Cite4me (Cyprus)
• Sorc'd (U.S.)
• Citavi (Switzerland)
• Paperpile (U.S.)
• Digital Science (ReadCube) {U.S.}
• Wizdom.ai (Denmark)
• NoteExpress (U.S.)

INDUSTRY DEVELOPMENT

"October 2022:" Clarivate, a leading player in providing accurate information and research insights to accelerate innovation, has released a report on the role of research and innovation as the world shifts to sustainable energy sources. The report found that innovation in the sustainable energy sector is reducing as research activities and incentives for renewable energy development at different paces. This finding is based on Clarivate data for an increase in a scientific journal and patent outputs globally in all subject areas.

REPORT COVERAGE 

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the reference management tools industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.