July 24, 2024
Open source CRM software Market

Customizable Features To Personalize Experiences Will Boost Growth Of Open Source CRM Software Market

The global 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 enables organizations to manage customer relationships through their complete lifecycle from first acquisition to retention and sustained loyalty. This type of CRM software allows customization of various features based on the business needs through an open source platform. It offers a cost effective alternative as compared to closed proprietary CRM solutions without licensing fees. The open framework allows businesses to customize it as per their requirements by adding plug-ins or building new features in-house. This helps organizations to personalize experiences for customers through a tailored CRM system.

Market key trends:

The open source CRM software market is expected to witness significant growth owing to rising trend of customizing systems to enhance customer experience management. Growing need of SMEs and startups to manage customer lifecycle cost effectively is further fueling adoption of open source CRM solutions. Integration capabilities with other business applications through open Application Programming Interfaces (APIs) is another important trend in the market. Vendors are focusing on simplifying integration process to facilitate data exchange between CRM and other line of business applications. Adoption of artificial intelligence and analytics capabilities by open source CRM providers is also shaping the market. AI assisted features help in automation of repetitive tasks, generating actionable business insights and enhancing customer support services.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as this industry requires specialized technical expertise and long-term customer relationships to gain traction. However, the low upfront costs has also led to new startups entering the market.

Bargaining power of buyers: The bargaining power of buyers is high as there are many alternatives available in the market. Buyers can easily switch between providers based on pricing and additional features.

Bargaining power of suppliers: The Open source CRM software market has low bargaining power of suppliers since it does not require any specialized inputs and suppliers have low switching costs.

Threat of new substitutes: The threat from substitutes is moderate as businesses can utilize other platforms like social media tools and marketing automation software for customer relationship management.

Competitive rivalry: is intense with the presence of global and niche players. Major players focus on product differentiation to gain competitive advantage.

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 need to streamline customer engagement and optimize customer relationship across various organizations.

The market size for 2023 is US$ 2.59 Bn. North America dominates the market currently due to strong technology adoption in customer facing businesses across various industries in the region. Europe is expected to exhibit fastest growth during the forecast period attributed increasing small and medium enterprises adopting open source CRM software to manage customer data effectively within limited budgets.

Key players operating in the open source CRM software market include Odoo, SuiteCRM, VTiger, Salesforce, Zoho, HubSpot, Pipedrive, Insightly, Base, Apptivo, Nutshell, Really Simple Systems, Teamgate, Bitrix24, Creatio, vTiger, SugarCRM, Zurmo, FatFree CRM, EspoCRM. Major players are focusing on product development and partnerships for increasing their market share in the highly competitive market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it