Workplace software has become somewhat of a diluted market with large brand-name competitors, such as Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL) Google, and so forth consistently releasing a flux of their already somewhat monopolized software for business benefits.
However, despite the competition in the industry, Dropbox has announced new projects, which are going to be implemented to take on their rival’s head on, and they expect to triumph in market penetration, due to the innovation of their new projects.
More details about the new projects being launched by Dropbox
The first of the projects, which the company recently debuted, was a new online document storage service, or more specifically new features and enhancements to make their old platform shine over competitors.
This, however, is not a new initiative. According to those familiar with the matter, the company has been designing, developing and inducing new features over the past years, in order to better the benefit of business driven services, rather than placing a focus on consumer-driven services.
Furthermore, it was disclosed that the current market standing, leaves the valuation of the entity responsible for the development of the key features on the upcoming release and enhancement on Dropbox’s storage services is at $10 billion.
The reason behind the new focus of Dropbox regarding business initiative’s
Dropbox is not by any means suffering when it comes to the potential target market, It was recently illustrated that the company is privy to over 500 million users. However, this is not as lucrative as the company has hoped, due to many of its services being free.
This is the primary driver between the new and enhanced platform update, as it is believed that the business services market will be more lucrative for this particular platform, despite the stiff competition that the company faces.
Microsoft stock closed on Monday at $65.13, after witnessing a decline of $0.65 or 0.99%. Furthermore, Google stock settled down at $823.83, after witnessing a decline of $21.20 or 2.51%