Looks like a wound of some sort. I'd take the cat to the vet for treatment before it possibly gets infected. Is your cat indoors only? Do you have other cats? How long has this wound been on your cat?
Could well be a wound, or possibly a ruptures abscess (although I am not seeing puss), or possibly even a bott fly larvae. I'd have the vet check it. If it's any of those, it could get infected (or re-infected).