Regular users and small businesses will get Office 2021 at the standard price, while a slightly more expensive Office LTSC (Long Term Servicing Channel) will become available for organizations with locked-in systems that prefer the stability and pricing of a standalone release over feature updates and subscription costs of Microsoft's cloud-powered 365 suite. In brief: Microsoft's latest iteration of standalone Office packs several new features and will launch in two flavors when it arrives on Windows and macOS later this year.
