Infrastructure Oracle (NYSE:ORCL) has announced its collaboration with U.S. public safety organizations to modernize their technology systems and infrastructure, with the aim of enhancing community protection and services. Several departments in California, Colorado, Minnesota, and Texas have selected Oracle’s integrated public safety hardware and software suite, seeking to improve efficiency, real-time situational awareness, safety measures, and more effective issue resolution.
The Oracle Public Safety Services platform for law enforcement and first responders has been designed to eliminate data silos, reduce manual administrative tasks, and equip first responders with up-to-the-minute data for making well-informed decisions. This comprehensive suite comprises a dispatch command center, law enforcement records, jail management software, as well as body-worn devices and real-time video communication tools.
The development of the Oracle Public Safety Services Suite is the result of collaborative efforts between first responders and leading experts in law enforcement technology. It leverages the robust performance and scalability of the Oracle Cloud Infrastructure. Furthermore, this suite complies with CJIS1 standards and simplifies the setup process for agencies of all sizes, contributing to cost reduction and streamlined operations while strengthening security measures.
The Growing Significance of Public Sector Cloud in Modernizing Government IT The federal government’s ability to provide a wide range of services efficiently is remarkable, particularly as it adapts to the challenges posed by the COVID-19 pandemic. Various federal agencies have accelerated their digital transformation efforts to enhance public services, support remote workforces, and reinforce data security while upholding trust and transparency.
Governments are increasingly recognizing the value of cloud technology in modernizing their IT systems and delivering enhanced public services. This recognition has led to concerted efforts and investments aimed at expediting cloud adoption while addressing the associated challenges to fully realize the benefits of cloud-based solutions in the public sector.
Oracle has seen its shares rise by 32.4% year-to-date. This performance, while positive, lags slightly behind the 36.2% increase Computer and Technology sector. Notable competition from cloud providers like Salesforce (NYSE:CRM), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT) has influenced this trend.
Salesforce’s government CRM solutions have similarly transformed the capabilities of the public sector, facilitating stronger connections among citizens, employees, government entities, services, and essential information. This has led to enhanced responsiveness, effectiveness, and efficiency within government operations.
Amazon Web Services offers commercial cloud capabilities, catering to various classification levels, including Unclassified, Sensitive, Secret, and Top Secret. Over 7,500 government agencies currently utilize these services, recognizing the need for a balance between efficiency and flexibility.
Microsoft has tailored specialized government plans to address the unique requirements of government organizations, offering all the features and capabilities of Microsoft 365 services within a segmented government cloud community, ensuring compliance with U.S. security and regulatory standards.
Oracle’s recent introduction of NetSuite for Government, tailored to small-to-midsize state and local government agencies, consolidates various functions into a single integrated suite. This development is expected to boost cloud service and license revenues in the upcoming quarters.
The Zacks Consensus Estimate for ORCL’s fiscal 2024 cloud services and license revenues is projected at $44.8 billion, reflecting year-over-year growth of 26.55%. The earnings estimate stands at a profit of $5.54 per share, indicating year-over-year growth of 8.2%.
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