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Microsoft Office 2021 should be released in the second half of 2021
Microsoft have confirmed that they will release another standalone version of Office in the second half of 2021 - this should include dynamic arrays, the XLOOKUP function and a new dark mode, among other things.

Posted by Andy Brown on 23 February 2021

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Office 2021 due for release in the second half of 2021

This isn't speculation - it was confirmed in this Microsoft post:

Microsoft post

Office 2019 was meant to be the last non-cloud version of Office!

What will the new version include?  Here are some good bets:

Feature Notes
Dynamic arrays Probably the only significant upgrade to Excel since Office 2019, dynamic arrays mean that you spend less time copying formulae down.
XLOOKUP / XMATCH The XLOOKUP function supersedes the VLOOKUP function, and solves many of its problems in the process.
An optional dark mode This ArsTechnica blog suggests that Office 2021 will include a dark mode, for those who prefer light text on a dark background.

Disregarding the complexity of the licensing procedures, paying a monthly amount for Office 365 does seem to make more sense from the business point of view.

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