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(Publishing-NewsWire.com, July 27, 2021 ) The Global Group purchasing organization software Market is forecast to reach $7.2 billion by 2026, growing at a CAGR of 7.3% from 2021 to 2026. GPOs are structured to offer mutual incentives for purchased products and services along with decreased expense, stronger contract conditions, improved rebate management and sustainable value by increased ROI and/or reduced Total Cost of Ownership (TCO). Automation of certain functions in the purchasing cycle and restructuring of supply chain operations are the key drivers of the market. In December 2020, Ambu A/S, the world leader in single-use endoscopes, has announced a national single-use endoscopy agreement in the field of single-use endoscopes with the big U.S. Group Purchasing Organization (GPO). This Arrangement provides Ambu with a sole role in both single-use bronchoscopes and single-use rhinolaryngoscopes for the length of the deal. The rising purchasing power provided by this pre-leveraged agreement will significantly impact the company in their organizational strategy. Such deals will significantly affect the market demand.
Group purchasing organization software market Segment Analysis - By Organization Size
The Small size enterprises are anticipated to witness the significant market growth during the forecast period 2021-2026 at 10.9%. Increased cloud implementations and attempts to increase market share and others drive the demand for software along SMEs. In addition, contract simplification, pre-leveraged agreements, alternative sources of procurement, minimized invoice mistakes, improved purchasing power and increased working capital are the benefits that draw SMEs to software. Group purchasing organisation software not only offers a universal approach to the needs of enterprise, but they also provide the business with exclusive ways to save money on a wide range of products and services with a little consideration and some careful assessment. As well as other industries inside and outside the sector, user can also cut costs and create beneficial partnerships with key vendors. Thus, all these benefits enhances the market growth during the forecast period 2021-2026.
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Group Purchasing Organization Software Market Segment Analysis - By End User Type
Retail segment held the highest market share of Group purchasing organization software in 2020 at 21.6%. Rising rivalry, dropping margins and weakening brand recognition have made retailers look for new becoming more efficient and profitable. Technology for acquisition allows suppliers to consolidate company operations and increase the total value of firms. It also provides advantages such as minimum operating costs, higher operational performance, and others that are projected to increase the retail sector's growth rate in the coming years. For instance, Companies such as Ginesy provide user-friendly POS software facilitates fast billing functions. It is used in India by leading retail companies, making it the best POS software in India. In August 2020, CHAMPS Group Purchasing (GPO) announced a strategic alliance with Procurement Partners, a major supplier of Procurement-to-Pay (P2P) solutions. The alliance entails the development of a new CHAMPS GPO P2P network open to its representatives and suppliers through pre-leveraged agreements which improves their purchasing power. Such developments positively impacts the market growth of Group purchasing organization software.
Group Purchasing Organization Software Market Segment Analysis – By Geography
North America region is anticipated to have the significant market growth during the forecast period 2021-2026 to reach 34% share by 2026. The United States is rigorously working to improve its industrial sector by growing its competitiveness. E-retailers in the North American retail industry are seeking to boost consumer service by introducing same-day shipping. The existence of major companies such as Oracle, Microsoft, and others in this region engaged in the provision of purchasing software services, which further boosts the market growth in the region along with their latest technologies, strategic alliances and others. In January 2020, Medline announced a strategic alliance with Link-age Solutions (Link-age), the Senior Living Group Purchasing Agency (GPO), to replace its 17-year-old medical supply provider. Members will enjoy negotiated prices through the agreement on a portfolio of more than 550,000 high-quality medical products.
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Group Purchasing Organization Software Market Drivers
Streamline Workflows with Digitalization
Group purchasing organization software streamlines automation process through taking the waste and inefficiency out of Purchase-to-Pay. It facilitates achieving faster buying order and invoice delivery times, improved rebate management, ensure faster invoice acceptance with more first-time matches, and strengthen greater compliance and transparency in supplier relationships. Using the ease and power of digital transformation to work together and connect more easily with each transaction made to achieve full return on investment. This enhances the purchasing power of organizations and thereby will drive market growth.
Improve Compliance with Smarter Spending and Reduced Risk
Automation helps minimise exposure to danger due to human error, theft, and rogue spending. Real-time spending analysis turns the spending knowledge into actionable perspectives that drive better decision-making. Full enforcement and transparency in the purchasing process is simpler than ever to achieve with Group Purchasing Organization Software thereby allowing companies to improve purchasing power through pre-leveraged agreements.
Group Purchasing Organization Software Market Challenges
Lack of skilled personnel
The lack of trained practitioners specialised in running software and establishing positive relationships between businesses and their suppliers can restrict the growth of the global market for group purchasing organization software. Hiring the best individuals for business by recruitment managers and accelerating digital strategies can exactly reflect well for the sector.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Group purchasing organization software market. As of 2020, the market for Group purchasing organization software market is consolidated with the top players including IBM Corporation, Oracle Corporation, SAP SE, Infor Inc., Epicor Software Corporation, Zycus Inc., JDA Software Inc., and Mercateo AG, DA software group, Coupa Software Incorporated and among others.
In October 2020, SAP and Qualtrics introduce Qualtrics XM for Suppliers, a new solution that empowers organizations to identify key areas of improvement across the source-to-pay process to help secure critical supply, increase cost savings, mitigate risk and improve business agility.
In July 2020, GEP launched next-gen accounts payable automation platform to address the market’s need for a cloud-native solution that leverages artificial intelligence and machine learning to improve and speed up AP operations. Asahi Breweries Europe Group — selected, rolled out and has started using GEP SMART.
Development of group purchasing organisations software is one such way to save costs and increase the return on investment (ROI) for companies of all sizes and specializations.
Development in the flow of foreign purchases across countries further stimulates the market's progress. It is anticipated that the synergies between supply and demand forces in the industry impact the development of the market.
North American region is anticipated to dominate the global Group purchasing organization software market in the forecast period 2021-2026 owing to growing digitization, technological developments, strategic collaborations and others.
A. Procurement As A Service Market
B. Retail Sourcing & Procurement Market
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