Remote Work Technologies: Are They Here to Stay?
The COVID-19 pandemic that has taken over the world since late 2019 forced many companies into remote work. But even before that, many companies were talking about allowing their employees to work from home. This option would definitely make the company more desirable to work in. The prospect of leading a team project at home as efficiently as from the company is highly tempting for workers who are tired of the daily commute.
Using the most current technologies, remote working has expanded to many areas previously thought impossible. For instance, telemedicine is an area that uses video conferencing technologies to give medical access to people in remote areas. Obviously, all kinds of tech-related jobs can be done remotely using project management tools of all kinds. What’s more, education is leaning heavily on remote work to keep students up with their studies in times of quarantine.
All these areas of work need their specific tools and technologies to be successfully done remotely. Generally, remote work requires a series of tools that helps employers and employees do their work in the most interactive way.
First and foremost, these tools include hardware tools such as a proper laptop, webcam, a decent internet connection, and printers, scanners, etc. Then, there is a dire need for efficient and practical communication and collaboration tools. These tools include voice and video calling software, project management systems, and employee monitoring platforms. And finally, companies and their employees need to be able to protect their work and vital information. So, cybersecurity plays a key role in remote work environments.
Companies that offer the services mentioned above have grown exponentially since the pandemic hit in 2019. However, this cannot be considered as a temporary phase in work culture. Many experts believe that remote work imposed on many companies because of social distancing protocols is here to stay.
Companies that offer tools for remote work
Google (GOOGL)
Over the years, Google has developed several tools to make remote work possible in various areas. One of these tools is Google Workspace (G-Suit). Google Workspace allows you to have voice and video chats with your team and share documents with them simultaneously. What’s more, this tool will enable you to edit documents collaboratively with the other members of your team.
There are some additional options on Workspace that make your remote work more manageable. The mailing list on Workspace helps you e-mail your team members the same thing without spending much time. Also, the team calendar enables you to keep track of your ongoing and finished projects and the people responsible for them.
What’s more, Google chat allows you to communicate with your team and share videos, pictures, and documents with them quickly and efficiently. If you want to share larger documents or important reference documents you might need to go back to, Google Drive can help you have the latest documents at any time, any place, on any device you might use. Google Sheets allows you to edit documents, charts, and sheets and then see your co-workers’ changes immediately as they happen.
All these tools developed by Google helped create the dynamic and collaborative remote work environment you and your company need to ride the pandemic wave into safety. Since the release of G-Suite and its related platforms, Google’s revenue has increased by over 23%, reaching 56.9 billion dollars in 2020. The stock for this company is currently traded for $2,297.76 per share. This price has experienced a 59% growth this year. What’s more, it is predicted to grow by 16.95% per year in the next five years.
Amazon (AMZN)
Amazon Web Services is another company that has developed great platforms for remote work. Amazon Workspace works as a Desktop-as-a-Service platform in which you can easily design a desktop and share it with thousands of employers worldwide. You can upload your company’s content on the Amazon Cloud and ensure your data is kept safe from cyberattacks.
Other than a virtual remote desktop, there is Amazon Chime on which you can hold video conferences and meetings remotely. There is also Amazon WorkDocs. You can create, edit, and share documents with your co-workers in a collaborative way on this platform. The collaborative nature of this platform helps teams brainstorm their ideas and complete their projects as efficiently as they would do face to face.
Amazon Workstation, another service, is designed for more creative work. Graphics and animation designers, live-action animators, painters, and other kinds of designers can use this platform to do their job. Using NVIDIA Quadro technology GPUs, Amazon Workstation can support all types of graphic work. You will be able to use the latest hardware and software on this platform without worrying about anything ever again.
With all its subsidiaries such as Workstation, Workspace, Chimes, and Amazon WorkDocs, Amazon Web Service had a revenue of 13.53 billion dollars in 2020. This income has increased steadily over the last few years. The stock for Amazon is currently sold for $3.399 per share. This price has had a 100.6% increase over the previous five years. Predictions show that the growth for Amazon’s stock will grow by an additional 38.47% per year in the next five years.
Microsoft (MSFT)
Microsoft has used a series of software programs to help people work remotely. We already knew Microsoft for its Office collection, Word, Excel, PowerPoint, etc. This set has changed to Office 360 to work better with an online environment. Microsoft Outlook is perfect for sending e-mails and setting up Calendars, Microsoft OneNote for taking notes and managing them, and Microsoft OneDrive for storing information up to one TB.
Furthermore, there is Microsoft Team. This is a chat-based platform on which you can create, edit, and share documents. People can collaborate with their teammates in the comfort of their homes. Using Microsoft Teams, you will have all the tools you need to do your projects remotely but not on your own.
Microsoft has had a revenue of 164 billion dollars in the current year. This revenue had a 14.8% increase since last year. The stock for Microsoft is traded for $260.74. The stock price has increased by 28.50% this year. Analysts believe that Microsoft’s stock will grow by 17.83% per year in the next five years.
Zoom (ZM)
Zoom is one of the most popular video conferencing tools used for remote work. This platform has several options that help employees do their job remotely. There are the usual options such as phone, video, and chat. But there are also webinars that can be invaluable in remote education and remote meetings.
Zoom From home allows your employees to have everything they need at their disposal. Zoom From home comes with collaborative Whiteboards, chatboxes, document sharing, phone, and video calls. ZoomApp Marketplace allows you to integrate more than a thousand apps with your Zoom. These apps help you with scheduling, collaboration, education, and transition.
Zoom has had a market size of 71.5 billion dollars. This number has grown by 44.90% since the previous year. The stock for Zoom is sold for $329.95 per share. In the second quarter of 2021, the stock for Zoom has had an increase of 390%. This increase will be 17.05% per year in the next five years.
Market size for remote work technologies
More than 4.3 million people currently work remotely in the US only. This number is bound to go up. Since 2005 the number of people working remotely has increased by more than 140%. Analysts believe that by 2028, 70% of companies worldwide will have remote workers to some extent.
In 2019, the market value for remote work technologies was 21.2 billion dollars. From 2020 to 2027, this number is estimated to grow by 11.3%. The revenue of remote work technologies is forecasted to reach 54.20 billion dollars in 2027. This, of course, could go exponentially higher if the pandemic-related lockdowns go on and more people are forced to do their work remotely.
