New market share data shows RingCentral breaks away from the
competition in both revenue and subscriber seats
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.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170621005780/en/
Provided by Synergy Research
“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.”
Additional Resources:
About RingCentral
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.
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 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.
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.
©2017 RingCentral, Inc. All rights reserved. RingCentral and the
RingCentral logo are trademarks of RingCentral, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170621005780/en/
RingCentral, Inc.
PR Contact:
Jennifer Caukin,
650-561-6348
jennifer.caukin@ringcentral.com
or
IR
Contact:
Paul Thomas, 650-458-4462
paul.thomas@ringcentral.com
Source: RingCentral, Inc.