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Group Purchasing Organization Service Market to grow by USD 2.05 Billion from 2024-2028, driven by cost savings and AI’s role in market transformation – Technavio

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NEW YORK, Oct. 25, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Group Purchasing Organization Service Market  size is estimated to grow by USD 2.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.6%  during the forecast period. Advantage in cost savings and efficiency is driving market growth, with a trend towards digital transformation in GPO services. However, managing diverse member needs poses a challenge.Key market players include Centerpoint Group LLC, Clarity Ventures Inc., CNECT Inc., Compass Group Plc, Corcentric Inc., CPG, DSSI, The Health Collaborative, HPS LLC, LBMC, McKesson Corp., OMNIA Partners, Pandion Optimization Alliance, Planergy, Premier Inc., Procure Analytics, The Health Collaborative, Treya Partners., UNA, and Vizient Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Vertical GPOs, Horizontal GPOs, and Master purchasing organizations), End-user (Healthcare, Hospitality, Food and beverages, Industrial, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Centerpoint Group LLC, Clarity Ventures Inc., CNECT Inc., Compass Group Plc, Corcentric Inc., CPG, DSSI, The Health Collaborative, HPS LLC, LBMC, McKesson Corp., OMNIA Partners, Pandion Optimization Alliance, Planergy, Premier Inc., Procure Analytics, The Health Collaborative, Treya Partners., UNA, and Vizient Inc.

Key Market Trends Fueling Growth

Group Purchasing Organizations (GPOs) are undergoing digital transformation, revolutionizing their operations and value delivery. This trend integrates advanced technologies into GPO processes, increasing efficiency, enhancing decision-making, and improving member services. Premier Inc., for instance, launched Premier SmartPO in September 2023, an innovative digital purchasing tool for healthcare providers. It automates tasks like purchase order processing and offers real-time data and insights, aiming to reduce costs and boost procurement efficiency. As technology advances, GPOs will continue to adopt new tools, simplifying processes, making better decisions, and adding more value to their members. The resulting digital transformation fuels the growth of the global GPO service market. 

Group Purchasing Organizations (GPOs) continue to revolutionize supply chain operations for various industries, including healthcare, industrial, agricultural, and more. Trends like ROI-focused strategies, automation, and digital technologies are driving growth. GPOs offer access to discounted medical equipment like endoscopes, bronchoscopes, and rhinolaryngoscopes through strategic alliances. Two software types, Cloud and On-Premises, cater to different organizational needs. E-Sourcing, E-Purchasing, and Supplier Management tools streamline procurement processes. Small, medium, and large enterprises benefit from GPO services, enhancing negotiating power and care delivery models. Data analytics and digital platforms enable data-driven optimization and predictive purchasing strategies. Horizontal GPOs serve multiple industries, while vertical GPOs focus on specific sectors. Skilled personnel recruitment and Procurement-to-Pay (P2P) solutions ensure efficient procurement strategies. Industries like healthcare can leverage GPOs for medical equipment, food procurement, and medical services. Digital technologies, such as e-procurement and supplier management software, facilitate efficient supply chain operations. Overall, GPOs offer significant advantages, including cost savings, improved supply chain visibility, and enhanced operational efficiency. 

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Market Challenges

In the global group purchasing organization (GPO) service market, catering to the unique needs of member organizations is a significant challenge. GPOs consist of members from various industries, each with distinct procurement requirements, regulatory constraints, and operational priorities. Customizing procurement processes to suit these diverse needs while maintaining overall efficiency and cost-effectiveness is a complex task. For instance, healthcare providers prioritize regulatory compliance, while manufacturing companies focus on supply chain efficiency and cost reduction. Premier Inc., a leading healthcare GPO, acknowledged in its 2023 Annual Report the complexity of addressing the varied procurement needs of its extensive membership, which includes over 4,400 hospitals and 225,000 other providers. Balancing the specific requirements of large urban hospitals with those of smaller rural facilities necessitates continuous investment in service enhancements to ensure all members are adequately supported. This diversity adds complexity to the development and implementation of effective GPO services, potentially challenging the growth of the global group purchasing organization service market during the forecast period.In the healthcare sector, Group Purchasing Organizations (GPOs) play a crucial role in helping healthcare providers manage their procurement strategies. However, challenges persist. Fragmented healthcare delivery models, supply chain complexity, and the need for data-driven optimization pose significant hurdles. GPOs offer collective buying power, enabling cost-effective contracts for medical equipment, food procurement, medical services, and more. Procurement strategies include predictive purchasing and strategic sourcing. Negotiating power is key, as is effective contract management. Digital platforms and data analytics enable better supply chain visibility and operational efficiency. GPOs cater to various industries, including healthcare, with horizontal and vertical models. Horizontal GPOs focus on common supplies like office supplies and IT and technology, while vertical GPOs specialize in healthcare supplies. GPOs provide training and support, advisory services, and consulting. They help healthcare providers optimize budgets, reduce costs, and improve operational efficiency through digital tools, software, and cost reduction strategies. However, data security is paramount, as is maintaining strong supplier relationships. GPOs must navigate supply chain complexities and ensure return on investment for their members. Ultimately, GPOs are essential partners in helping healthcare providers navigate the procurement landscape.

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Segment Overview 

This group purchasing organization service market report extensively covers market segmentation by

Type 1.1 Vertical GPOs1.2 Horizontal GPOs1.3 Master purchasing organizationsEnd-user 2.1 Healthcare2.2 Hospitality2.3 Food and beverages2.4 Industrial2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Vertical GPOs-  Group Purchasing Organizations (GPOs) facilitate cost savings for businesses by aggregating their purchasing power. Members of a GPO can negotiate better prices and terms with suppliers due to the large volume of combined purchases. This results in significant cost reductions for members across various industries, including healthcare, education, and hospitality. By leveraging the collective buying power, GPOs help businesses optimize their procurement processes and improve their bottom line.

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Research Analysis

Group Purchasing Organizations (GPOs) in the healthcare sector have revolutionized procurement strategies by leveraging collective buying power to negotiate favorable prices for healthcare supplies, office supplies, software, and digital tools. With the increasing complexity of supply chain operations, GPOs have become essential partners for healthcare providers in managing costs and optimizing budgets. GPOs employ data analytics and digital platforms to gain insights into market trends, supplier performance, and demand patterns, enabling data-driven optimization and predictive purchasing strategies. Digital technologies, such as automation and digital tools, streamline supply chain operations and enhance supplier relationships. The healthcare sector’s shift towards care delivery models that prioritize patient-centered care and value-based reimbursement models necessitates the need for GPOs to provide innovative solutions for endoscopes, bronchoscopes, and other advanced medical equipment. By harnessing the power of digital technologies and data analytics, GPOs help healthcare providers make informed decisions, improve ROI, and deliver high-quality care.

Market Research Overview

The Group Purchasing Organization (GPO) service market in the healthcare sector is a dynamic and evolving industry that focuses on optimizing procurement strategies for healthcare providers. With the collective buying power of its members, GPOs negotiate favorable contracts for healthcare supplies, medical equipment, food procurement, medical services, and more. These organizations employ data analytics and digital platforms to enable data-driven optimization, predictive purchasing strategies, and supply chain efficiency. GPOs offer various types of services including strategic sourcing, contract management, training and support, consulting services, and advisory services. They cater to healthcare providers of all sizes, from small enterprises to large organizations, and serve various sectors such as industrial, agricultural, and others. GPOs provide digital tools to help manage the complexity of supply chain operations, supplier relationships, and procurement-to-pay processes. They offer software solutions, including cloud-based and on-premises options, for e-sourcing, e-purchasing, supplier management, and other supply chain functions. Moreover, GPOs help healthcare providers reduce costs through bulk purchases, cost-effective contracts, and operational efficiency. They provide access to digital technologies, such as automation, data security, and ROI tracking, to enhance supply chain operations and improve overall organizational strategy. In conclusion, GPOs play a crucial role in the healthcare sector by providing procurement solutions that help healthcare providers manage their supply chain complexities, optimize costs, and improve operational efficiency. They offer a range of services, including data analytics, digital platforms, consulting, and software solutions, to help healthcare providers stay competitive and provide high-quality care to their patients.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeVertical GPOsHorizontal GPOsMaster Purchasing OrganizationsEnd-userHealthcareHospitalityFood And BeveragesIndustrialOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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FranklinWH Announces General Availability of Whole Home Energy Management System Featuring 15 kWh aPower 2 Battery and 15-Year Warranty

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SAN JOSE, Calif., Jan. 2, 2025 /PRNewswire/ — FranklinWH Energy Storage Inc. (FranklinWH), a leader in whole-home energy management, today announced the general availability of its next-generation whole home energy management solutions, including the aPower 2, a lithium iron phosphate (LFP) home battery featuring an impressive 15 kWh capacity and 10 kW continuous output power, as well as its enhanced aGate, an intelligent management device that supports home loads by integrating energy sources and FranklinWH batteries, and the user-friendly FranklinWH App.

“We are proud to begin delivering our next-generation whole-home energy management system to homeowners at such a critical time,” said Gary Lam, Co-Founder and CEO of FranklinWH. “In addition to a seamless connection with PV inverters, these upgrades demonstrate our commitment to constant improvement and providing consumers with peace of mind amid rapidly growing energy demand and extreme weather events.”

FranklinWH’s whole home system is available via its growing installer network, composed of more than 2,000 installation companies located across the U.S., including Puerto Rico. Domestic Content compliant versions of the aPower 2 are expected to be available to customers in Q2, 2025.

New enhancements to the FranklinWH whole home solution were made to further meet homeowner needs. Along with an increased warranty of 15 years or 60 MWh throughput, FranklinWH’s upgraded system provides even greater reliability and return on investment for homeowners. Whole home backup can be achieved, in most cases, with a single aPower 2 due to its robust 15 kWh capacity, 10 kW discharge rate, 8 kW charge rate, and support for up to 5-ton AC units. For larger applications, the aPower 2 can be stacked up to 225 kWh or 15 aPowers per aGate. Enhanced black start capabilities and a more efficient low-power mode make the system the ideal solution in backup power situations – ensuring power is available when a homeowner needs it most.

FranklinWH’s solutions can endure almost any climate and, by using fan-less convection with whisper-quiet operation, it is significantly quieter than industry-standard fan cooled batteries. The FranklinWH App has been enhanced with revamped visuals, a smart voice assistant for hands-free commands, enhanced energy data analysis, and more customized scheduling options so homeowners can take further control over their energy usage.

To learn more about how FranklinWH is empowering consumers to take control of their energy management solutions and gain whole home energy freedom, visit www.franklinwh.com.

About FranklinWH

FranklinWH Energy Storage is the manufacturer of the FranklinWH system. FranklinWH is a research-driven company focused on next-generation residential energy management and storage solutions. Headquartered in the San Francisco Bay Area, FranklinWH’s team has decades of experience in energy systems, from design, through manufacturing, to sales and installation. FranklinWH is AVL-listed with multiple financial institutions. Learn more about how homeowners can achieve energy freedom at franklinwh.com.

FranklinWH Media Contacts:
PAN Communications for FranklinWH
Franklinwh@pancomm.com 

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SOURCE FranklinWH Energy Storage Inc.

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XAgent Sets Sights on Revolutionizing Intelligent Bidding

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XAgent has a clear vision and mission – to emerge as the world’s foremost provider of intelligent bidding solutions, spearheading innovation in AI agents to automate and optimize the bidding process within both international public and corporate procurement sectors.

SAN JOSE, Calif., Jan. 2, 2025 /PRNewswire-PRWeb/ — XAgent: Sets Sights on Revolutionizing Intelligent Bidding

Helen Huang CEO: The international public procurement market, which stood at $12 – 13 trillion in 2022. Meanwhile, the international corporate procurement market, valued at $30 trillion in 2022, is expected to hit $40 trillion by 2027.

In a bid to transform the international bidding arena, XAgent AI Inc., a Delaware-registered and Silicon Valley-headquartered company, is making waves with its innovative intelligent bidding solutions. The company was founded by Helen Huang and backed financially by Frank Zheng, both Canadians.

XAgent has a clear vision and mission – to emerge as the world’s foremost provider of intelligent bidding solutions, spearheading innovation in AI agents to automate and optimize the bidding process within both international public and corporate procurement sectors.

The market opportunity is vast. The international public procurement market, which stood at $12 – 13 trillion in 2022, is forecasted to balloon to $16 – 19 trillion by 2027, driven by infrastructure development, public service expansion, and technological advancements. Meanwhile, the international corporate procurement market, valued at $30 trillion in 2022, is expected to hit $40 trillion by 2027, propelled by globalization, supply chain complexity, and business expansion.

However, businesses currently grapple with multiple challenges in the bidding space, including a lack of international bidding expertise, data fragmentation, inconsistent strategies, and limited historical insights. These issues lead to inefficiencies and missed opportunities in a market worth trillions.

XAgent’s solution is an automated intelligent bidding platform based on AI Agent, LLM and big data technologies. It features a Vertical LLM in Procurement, which utilizes language models fine-tuned for procurement to enhance the understanding and generation of bidding-related content. The Multi-Agent System in Bidding simulates multiple agents to manage different aspects of the process, improving coordination and decision-making. Additionally, the Big Data In Procurement aggregates and analyzes extensive data to offer actionable insights for bid preparation and strategy formulation.

One of the key product advantages of XAgent lies in its high level of customization. The platform can be tailored to meet the specific needs and requirements of different businesses, regardless of their size or industry. This allows companies to have a bidding solution that fits their unique operational models and procurement strategies, maximizing the effectiveness of their bidding efforts.

The system also offers real-time analytics and reporting capabilities. Users can access up-to-date information on market trends, competitor analysis, and bid performance, enabling them to make informed decisions promptly. This real-time data empowers businesses to adjust their bidding strategies on the fly, increasing their chances of success in a highly competitive market.

Moreover, XAgent’s platform is designed with user-friendliness in mind. Its intuitive interface makes it accessible even to those with limited technical knowledge. This ease of use ensures that businesses can quickly adopt and integrate the solution into their existing workflows, minimizing disruption and maximizing productivity.

The company has already achieved significant milestones. It has successfully developed and implemented the Multi-Agent System in Bidding, boosting bid efficiency and accuracy. It has also established a comprehensive Big Data In Procurement infrastructure, collecting and processing daily tender information.

Now, XAgent is looking to raise $10 million. The funds will be used to bolster its Procurement Big Data capabilities by expanding data, refining algorithms, and enhancing scalability. The investment will also enable the employment of refined language models for better bidding content understanding and generation, strengthening its position in the Vertical LLM for Procurement.

XAgent holds several competitive edges. It is certified by esteemed international organizations such as UNGM, World AI Organization, World Blockchain Organization, and World Federation of Free Trade Zones, guaranteeing compliance and credibility. It operates the Largest Procurement Big Data System, with 55,000 daily entries, providing a fertile ground for data analysis and strategy formulation. The company also has exclusive rights to the Vertical LLM in Procurement, offering unique semantic understanding and generation for bidding. Moreover, it pioneered the First Multi-Agent System in Bidding, setting industry benchmarks and showcasing its technological leadership.

Looking ahead, with the injection of capital and continuous innovation, XAgent anticipates rapid market penetration, a surge in customer acquisition, and substantial revenue growth. The company aims to ultimately reshape the global intelligent bidding landscape and emerge as a dominant force in the industry.

Media Contact

Frank Zheng, XAgent AI Inc., 1 7789028620, frank.zheng@xagent.biz, https://www.xagent.biz

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SOURCE XAgent AI Inc.

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Incheon Shines Bright at CES 2025: 13 Innovation Awards won by Incheon Startups

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INCHEON, South Korea, Jan. 2, 2025 /PRNewswire/ — Incheon Free Economic Zone (IFEZ) proudly announced that 12 innovative startups based in Incheon have been honored with a total of 13 CES 2025 Innovation Awards.

This impressive accomplishment marks a significant milestone for IFEZ, highlighting the creative and entrepreneurial spirit thriving within Incheon but also solidifies its position as a burgeoning hub of global tech innovation.

The CES Innovation Awards® program is an annual competition that recognizes outstanding design and engineering in consumer technology products. It recognizes honorees in various product categories. The 2025 awards program received a record-breaking number of submissions, over 3400.

Twelve companies supported by the IFEZ have received Innovation Awards. Incheon-based startups were named across eight categories: artificial intelligence (AI), digital health, and smart cities. Notably, Viva Innovation, which developed an AI-powered polyp detection solution, received recognition in both the AI and Human Security categories.

2025 Honorees include:
Verses – A music-tech startup that develops user-driven music experience services.

ILias AI – A digital sniffer dog drug detection scanner utilizing olfactory AI technology.

emCT Co., Ltd.- Operates a firefighting remote-control service called BDApp, which immediately notifies users on their smartphones of the location and details of facilities affected by a fire.

Nuvilab – A South Korean startup specializing in AI-driven nutrition care solutions for food services. 

NExT.AI – SaaS services that optimize costs, time, and manpower in the logistics, manufacturing, and construction industries.

UNIUNI – An accessible restroom solution that provides tailored AI safety, efficiency, and quality.

VIVA INNOVATION – Creates personalized, data-driven healthcare technology that guides the medical check-up journey.

10kM.ai – Korea’s first generative AI company selected for the Deep-Tech TIPS program, which has developed an enterprise video solution that transforms corporate video creation and distribution.

Gbrain – Is the first domestic invasive electrode manufacturer to create flexible, non-invasive thin-film electrodes for high-resolution brainwave acquisition.

Curinginnos lnc.- A tennis partner robot system integrating information and communication technologies such as A.I. and computer vision to move and compete as a real tennis player.

Tesollo Inc.’s – Their DG-3F05 is an advanced robotic hand designed to emulate human dexterity closely by leveraging sophisticated grasping algorithms.

IPIN Labs – BPIN is an AI-powered Smart Factory Asset Management platform designed to significantly enhance operational efficiency and on-site safety by providing real-time tracking of assets, including equipment and personnel. 

To learn about our CES Innovation Honorees, go to:
https://www.ces2025-ifez.com/innovationawards

We are currently scheduling interviews with the 2025 CES Honorees. Please don’t hesitate to contact us to schedule a one-on-one meeting.

About INCHEON-IFEZ
Incheon has become a global business hub boasting an ideal international business environment. It includes Incheon International Airport, the rapidly growing Incheon Port, world-class foreign universities located in the Songdo Global Campus, and an international business and bio-hub. The INCHEON-IFEZ is where everything from bio to logistics, medical care, education, and high-tech industries can be enjoyed.

https://www.ces2025-ifez.com

Questions?
Don Southerton, CES 2025 Incheon-IFEZ
Dsoutherton@bridgingculture.com
+1 310-866-3777

Click here for more details about our booth at: https://ces25.mapyourshow.com/8_0/exhibitor/exhibitor-details.cfm?exhid=0014V00003lfctdQAA

 

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SOURCE Incheon Free Economic Zone Authority (IFEZ)

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