Over the last couple of years, we've seen constant evidence of how disruptive the cloud can be to the communications environment. RingCentral, a market leader in the UC environment, is now taking advantage of the $56 billion global UC space, with a quest to achieve a $1 billion revenue.
In a world where companies are increasingly searching for more agile and flexible communication solutions, the worldwide market for UC is expanding at a record pace. Between 2019 and 2025, experts predict that the demand for replacement systems for legacy PBX in the US alone will be worth $15 billion.
RingCentral's leading product, "RingCentral Office," is providing the company with endless ways to expand its revenue and earnings potential, pulling customers away from legacy PBX providers. In Q1 of 2019, RingCentral revealed that its annual recurring revenue for Office had risen 36% to $694 million. This puts RingCentral right on track to achieve its $1 billion earning goals.
Making the Most of a Growing Market
Like other companies in the expanding unified communication space, RingCentral knows that if it wants to stay ahead of the competition, it needs to become a pioneer. That's why the Office platform constantly releases new features and functionality to enhance the day-to-day operations of today's companies. We've seen the arrival of exciting new opportunities in recent years, such as real-time features for assistants and managers who want to tap into calls and support reps without disrupting the conversation.
The RingCentral team is also turning to strategic acquisition to improve its technology offerings too. In 2015, the group purchased "Glip," and now rely on the solution to deliver collaboration and team messaging tools in a world where team collaboration is one of the hottest terms in the industry. RingCentral also purchased Dimelo in 2018, a cloud-based customer engagement platform that forms the heart of RingCentral's "Engage" product. The Engage solutions use intelligent routing technology to help agents manage conversations across multiple channels at once.
In January 2019, RingCentral also announced their acquisition of Connect First, a cloud-based solution for outbound customer engagement designed to target enterprise and mid-sized companies.
