RingCentral, the leading provider of enterprise cloud communications and collaboration solutions 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.”