RingCentral Breaks Away From the Competition as UCaaS Market Leader According to Latest Synergy Research Group Report
October 19 2017 - 9:00AM
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).
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Figure 1: Synergy Research Group Q2 2017
Report on UCaaS Worldwide Revenue Market Share (August 2017)
(Graphic: Business Wire)
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.
©2017 RingCentral, Inc. All rights reserved. RingCentral and the
RingCentral logo are trademarks of RingCentral, Inc. Other
third-party marks and logos displayed in this document are the
trademarks of their respective owners.
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RingCentral Inc.PR Contact:Mariana Kosturos,
650-562-6545mariana.kosturos@ringcentral.com
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