BELMONT, Calif.--(BUSINESS WIRE)--RingCentral, Inc. (NYSE:RNG), a leading provider of global enterprise cloud communications and collaboration solutions, today announced that according to Synergy Research Group, an independent market research firm, the company has extended its market share lead in UCaaS. On October 16, 2017, Synergy announced details of its Q2 2017 Synergy UCaaS Market Share report and also announced that RingCentral was once again recognized as the #1 worldwide market share leader in both revenue and subscriber seats for unified communications as a service (UCaaS).
RingCentral's market share leadership position has increased to 19.5% in Q2 2017 from 16.4% in the year ago quarter, and 18.8% in the prior quarter, according to Synergy Research Group. As shown in Figure 1, RingCentral is the market share leader and is breaking away from the competition.
"The UCaaS market is accelerating at an annualized rate of 29% due to the continued erosion of on-premises PBX systems, which declined -11%, and the rapid pace of adoption among enterprises that are migrating to the cloud looking for richer and more cost-effective collaborative communication solutions," said Jeremy Duke, Synergy Research Group's founder and chief analyst. "We are also seeing an up-market acceleration of UCaaS adoption, moving from serving smaller sized organizations to gaining traction in businesses of over 100 seats and over 1,000 seats. RingCentral is capitalizing on these trends and continues to execute well, which is reflected in its continued strong growth."
"We're honored to be recognized as the largest and fastest-growing UCaaS provider by leading market research firm, Synergy Research Group," said David Sipes, chief operating officer of RingCentral. "The cloud is winning and RingCentral is winning in the cloud. The reason cloud is winning is due to the rapid pace of innovation it is delivering to customers, which can't be matched by legacy on-premises and hosted solutions. We continue to relentlessly focus on innovation while delivering a best-in-class experience for our customers."
For more information about the Q2 2017 UCaaS market share data published by Synergy Research Group, view their press release here.
About RingCentral
RingCentral, Inc. (NYSE:RNG) is a leading provider of global enterprise cloud communications and collaboration 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.
Forward-Looking Statements
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 June 30, 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.
Disclaimer
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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