The open source CRM software provides effective customer relationship management solutions to various industries and business segments. It allows features like contact management, sales tracking, marketing campaign management at no licensing cost. Benefits include access to source code for customization, avoiding vendor lock-ins and reducing IT costs significantly. The open source CRM provides customized solutions for small businesses and startups who cannot afford expensive proprietary CRMsoftwares.
Global Open source CRM software Market is estimated to be valued at US$ 2.99 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the open source CRM software are Invibio, PEEK Implants by Cendres+Métaux, SisoMM , MKPrecision, Evonik Industries AG. There is growing demand from small and medium enterprises for affordable CRM solutions. Customization features and easy integration with other tools is driving demand further. Major players are focusing on strategic partnerships and collaborations to expand globally by catering to diverse business requirements.
The growing demand in the Global Open Source CRM Software Market Size is attributed to inexpensive operations and increasing adoption by small and medium enterprises. Open source CRM offers comprehensive feature sets comparable to expensive proprietary CRMs, supporting automation of workflows and processes. Affordable pricing allows companies to stay within budgets and redirect saved costs to other priority areas.
Global expansion of open source CRM market is driven by vendors focusing on emerging economies through partnerships. Foreign investors are keen on setting up development centers to provide localized solutions. Cloud deployment models are gaining traction enabling flexible accessibility from any location. Open source platforms provide multilingual capabilities to cater international clients enhancing global footprints.
Market key trends
Customers are increasingly adopting open source CRM software to gain agility, flexibility and cost advantages. Vendors offer open APIs and community support enabling access to a wider partner ecosystem. Integration capabilities with other business tools like ERPs and marketing automation platforms are improving. Growth hacking and developments by open source communities are helping products evolve faster addressing changing business needs suitably. Focus on improving functionalities around marketing automation, sales intelligence and predictive analysis is expected.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the technology for open source CRM software is well established and the development cost is also not very high. However, the presence of established software like SugarCRM poses barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of many product options from players. Buyers can easily switch to alternative if not satisfied with any software.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many technology and service providers. Switching cost for service providers is also low.
Threat of new substitutes: The threat of new substitutes is moderate as many contact management tools and proprietary CRM systems provide similar functionality. However, open source CRM has an advantage of low cost.
Competitive rivalry: The competitive rivalry is high among major players like SugarCRM, Vtiger and Maximizer as they continuously invest in product development and innovation to gain more market share.
Geographical regions: North America region accounted for the major share in the global open source CRM software market in terms of value in historical year. The high adoption of cutting edge technologies and presence of major players in the region drive the market.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid digitalization of businesses, increasing internet penetration, and growing economy. Countries like China and India provide huge growth opportunities for open source CRM providers due to rising number of SMEs adopting customer relationship management systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
