BELMONT, Calif.--(BUSINESS WIRE)--RingCentral, Inc. (NYSE:RNG), the leading provider of enterprise cloud communications and collaboration solutions, today announced that Synergy Research Group, an independent market research firm has recognized RingCentral as the #1 worldwide market share leader in both revenue and subscriber seats for Unified Communications as a Service (UCaaS), based on a report published on June 14, 2017.
“Major barriers to cloud adoption are now almost a thing of the past. We’re seeing continued erosion of on-premises PBX systems,” said Jeremy Duke, founder and President at Synergy Research Group. “These tailwinds are reflected in the growth we’re seeing in the overall UCaaS market, particularly with RingCentral, which has pulled ahead as the UCaaS category leader and is accelerating at a rapid pace ahead of rivals which are seeing flat to declining growth rates by revenue.”
With a 19% market share by revenue, RingCentral is growing twice as fast as the overall UCaaS market, according to Synergy Research.
Also, Synergy Research reports that RingCentral's flagship product, RingCentral Office, is ranked the highest by subscriber seats among all UCaaS vendors, growing at 53% year-over-year, which is 137% faster than its nearest competitor.
In addition, the report highlights that cloud is winning over on-premises for business communications. Synergy Research points out that revenue for the UCaaS market grew by 22% year-over-year in Q1 2017, while the on-premises enterprise voice market declined by 9% during the same period.
“Synergy’s report validates our leadership in the market and shows that we are breaking away from the competition in both revenue and installed base,” said Vlad Shmunis, founder, chairman and CEO of RingCentral. “We’re honored to be recognized as the largest and fastest growing UCaaS provider. Our success stems from our relentless focus on innovation and our differentiated mobile-first, global, open platform collaborative communications solutions.”
- Press release published by Synergy Research, June 20, 2017
- Related RingCentral blog post authored by Vlad Shmunis
RingCentral, Inc. (NYSE:RNG) is the leading provider of cloud-based global collaborative communications solutions. More flexible and cost-effective than legacy on-premises systems, RingCentral empowers today’s mobile and distributed workforce to communicate, collaborate, and connect from anywhere, on any device. RingCentral unifies voice, video, team messaging and collaboration, conferencing, online meetings, and integrated contact center solutions. RingCentral’s open platform integrates with leading business apps and enables customers to easily customize business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.
This press release contains “forward-looking statements,” including but not limited to, statements regarding the growth of the UCaaS market, our market share and leadership position, and our growth rates. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are: our ability to grow at our expected rate of growth; our ability to add and retain larger and enterprise customers and enter new geographies and markets; our ability to continue to release, and gain customer acceptance of, new and improved versions of our services; our ability to compete successfully against existing and new competitors; our ability to enter into and maintain relationships with resellers; our ability to manage our expenses and growth; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission; and in other filings we make with the Securities and Exchange Commission from time to time.
All forward-looking statements in this press release are based on information available to RingCentral as of the date hereof, and we undertake no obligation to update these forward-looking statements or to provide interim reports or updates on the progress of the current financial quarter.
While RingCentral believes that the information provided by Synergy is reliable, it has not independently verified any of the data or ascertained the underlying economic assumptions relied upon by Synergy. Synergy research publications consist of the opinions of Synergy’s research organization and should not be construed as statements of fact.
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