Zoom has seen a boom in its users due to the increase in pandemic-related videoconferencing
Zoom launched a new research and development center in Singapore. The firm will also increase the capacity of the city-state data center.
Currently, the firm has R&D centers in India, the United States, and China.
The coronavirus pandemic forced millions of students to study from home not to mention employees who were forced to work from home. This trend led to an increased demand for video-conferencing services.
Zoom now plans on hiring new employees including sales staff and engineers. However, the company did not provide the number of employees for Singapore operations. The company currently employs over 3,800 people globally.
In the recent past, Singapore has been making efforts to attract technology-related firms. This includes technology giants such as Facebook, Alibaba, Tencent, and Alphabet’s Google. This is a key sector in the country’s economic growth.
Even as Singapore tightens border immigration rules, a new work visa will be issued for technology firms’ foreign executives.
Although the share price has increased by 500% in 2020, margins will remain seeing it is difficult to balance an increase in costs to maintain growth.
We’ve reported that the e-commerce market in Singapore is estimated to reach $9.5 billion in 2020. For comparison, the country reached $6.2 billion a year before.