Open source CRM software Market is Estimated To Witness High Growth Owing To Customization and Low Cost

 The Open source CRM software Market is estimated to be valued at US$ 2.59 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Open source CRM software is customer relationship management software with an open-source business model. It provides all the functionalities of conventional CRM solutions along with benefits such as low cost of ownership, flexibility of customization, and availability of technical support from an active online community. Open source CRM caters to a wide array of business types and sizes, from small startups to large enterprises.

Market key trends:
One of the major trends driving growth of the open source CRM software market is low cost of ownership and flexibility of customization. Open source CRM solutions are freely available or involve negligible licensing fees, eliminating heavy upfront costs associated with proprietary CRM software. They also provide customers complete access to source code, allowing customization and modification as per business needs without constraints. This gives organizations the flexibility to mold the CRM system specific to their operations. Further, open source CRM platforms are driven by active developer communities, ensuring ongoing product updates and enhancements at no additional cost. Their flexible architecture also enables easy integration with other business applications. These advantages over proprietary counterparts have increased adoption of open source CRM software, thereby fueling market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Open source CRM software market is moderate. While initial costs are low to develop an open source CRM solution, entering an already competitive market and achieving scale is challenging for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are many choices of open source CRM solutions available. Buyers can negotiate on pricing and switch between vendors easily.

Bargaining power of suppliers: The bargaining power of suppliers is low in the Open source CRM software market as vendors source generic components and tools from various suppliers. Switching costs are low for vendors.

Threat of new substitutes: The threat of substitutes is moderate as there are alternative customer data management solutions like ERP and marketing automation software that can provide some CRM capabilities.

Competitive rivalry: The competitive rivalry is high due to presence of many global and regional vendors offering varied open source CRM solutions.

SWOT Analysis
Strength: Open source CRM software options are known for their flexibility, customization capabilities and low upfront costs. They allow businesses to modify code and add features based on their specific needs.

Weakness: Limited technical support availability and lack of dedicated customer success teams for open source solutions. Security vulnerabilities can also arise from direct code modifications.

Opportunity: Growing demand from SMBs for affordable CRM solutions present significant opportunities for open source vendors. Market adoption is increasing in regions like Asia Pacific and Latin America.

Threats: Entry of free or freemium versions from paid solution providers can capture more budget conscious customers. Lack of robust functionality is also a challenge for wider enterprise adoption.

Key Takeaways
Global Open Source CRM Software Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand from SMBs for affordable customer management solutions.

Regionally, North America dominated the market historically due to early technology adoption. However, Asia Pacific is emerging as the fastest growing region, driven by growing SMB sectors in countries like India and China.

Key players operating in the open source CRM software market are Odoo, SuiteCRM, VTiger, Salesforce, Zoho, HubSpot, Pipedrive, Insightly, Base, Apptivo, Nutshell, Really Simple Systems, Teamgate, Bitrix24, Creatio, vTiger, SugarCRM, Zurmo, FatFree CRM, EspoCRM. 

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more