RENO, Nev., Oct. 16, 2017 (GLOBE NEWSWIRE) -- New Q2 data from Synergy Research Group shows that the UCaaS market is accelerating at an annualized rate of 29%, as strong UCaaS adoption continues to drive the market. Retail UCaaS services account for well over 80% of the total market, though the smaller wholesale UCaaS segment is growing considerably stronger at 45%. UCaaS market is now generating revenues exceeding $400 million per quarter and approaching $2 billion annually. RingCentral is the market leader based on quarterly revenues and subscriber counts, followed by 8x8, Mitel, Broadsoft, and Vonage.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/678741ac-55b6-4f24-8256-4970939e7feb
Synergy defines the UCaaS market as a communications service where service providers host and develop their own proprietary Cloud PBX platform, enabling PSTN connectivity and offering an integrated UC applications portfolio stack (Conferencing, Team Collaboration, IM&P). Service providers utilizing 3rd party call control including technology such as Broadsoft Broadworks or Cisco HCS are defined by Synergy as Hosted PBX. Hosted PBX is excluded from Synergy's UCaaS Market Tracker but is tracked separately in another Synergy report.
Accounting for 81% of Q2 2017 total revenues, the UCaaS market continues to be heavily concentrated in the United States followed by the United Kingdom and Germany.
“UCaaS continues to provide a richer and more cost effective collaborative communication system for businesses globally,” 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 mostly smaller sized organizations now to gaining traction in businesses of over 100 seats and over 1,000 seats. Given that the displacement of premise PBXs remains low today, there is ample ground for UCaaS to find strong growth in displacing these legacy systems over a long stretch of time.”
About Synergy Research Group
Synergy provides quarterly market tracking and segmentation data on IT and Cloud related markets, including vendor revenues by segment and by region. Market shares and forecasts are provided via Synergy’s uniquely designed online database tool, which enables easy access to complex data sets. Synergy’s CustomView™ takes this research capability one step further, enabling our clients to receive on-going quantitative market research that matches their internal, executive view of the market segments they compete in.
Synergy Research Group helps marketing and strategic decision makers around the world via its syndicated market research programs and custom consulting projects. For nearly two decades, Synergy has been a trusted source for quantitative research and market intelligence. Synergy is a strategic partner of TeleGeography.
To speak to an analyst or to find out how to receive a copy of a Synergy report, please contact Heather Gallo at hgallo@srgresearch.com or 775-852-3330 extension 101.