Open-source software is usually easier to obtain than proprietary software, often resulting in increased use. Additionally, the availability of an open-source implementation of a standard can increase adoption of that standard. It has also helped to build developer loyalty as developers feel empowered and have a sense of ownership of the end product.
Moreover, lower costs of marketing and logistical services are needed for OSS. It is a good tool to promote a company's image, including its commercial products.The OSS development approach has helped produce reliable, high quality software quickly and inexpensively. Open-source development offers the potential for a more flexible technology and quicker innovation. It is said to be more reliable since it typically has thousands of independent programmers testing and fixing bugs of the software. Open source is not dependent on the company or author that originally created it. Even if the company fails, the code continues to exist and be developed by its users. Also, it uses open standards accessible to everyone; thus, it does not have the problem of incompatible formats that may exist in proprietary software.

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Go to source: https://en.wikipedia.org/wiki/Open-source_software