Microsoft 365 vs Google Workspace (formerly G Suite): Which productivity suite is best for your business?

(Google updated the name of its G Suite service to Google Workspace in October 2020 and added one new plan to its lineup. This article has been updated to include details of the new plan.)
Both Microsoft and Google would like to be your one-stop shop for business productivity software. Their respective subscription offerings, Microsoft 365 and Google Workspace, tick all the top-level boxes on your company’s communications and productivity checklist. Each suite includes the following features:
- Business email and shared calendaring services attached to custom domains
- Online storage, with shared space for collaboration and a large allotment of personal storage space for each user account
- Productivity apps for creating and collaborating on documents, spreadsheets, and presentations
- Corporate communication tools, including messaging, online meetings, and video conferencing
- A management interface, with advanced features such as compliance and archiving for enterprise customers as well as security features including two-factor authentication