Technology solutions provider Colab Cloud Platforms has diversified into the sports management and technology industry. With this move, the company aims to leverage its technological expertise in the sports industry, which according to GroupM ESO Sporting Nation Report 2024, is valued at Rs 15,766 crore.
With this expansion, Colab Cloud Platforms will manage and develop sports IPs, fan engagement platforms, and VR and AR experiences. The firm aims to offer tailored solutions for sports management, technology and marketing segments. It believes that the potential for technology to revolutionise fan engagement is vast and exciting, with possibilities ranging from personalised content delivery to exclusive tournaments competing for sports personality interactions and immersive VR experiences.
According to the annual strategic review report by NASSCOM (National Association of Software and Service Companies), India’s technology market surpassed US$250 billion in 2023 and is projected to grow at a CAGR of 3.8 per cent. Furthermore, Brainy Insights reports that the global sports market was valued at US$480.12 billion in 2023 and is expected to grow at a CAGR of 5.6 per cent, reaching US$506.93 billion by 2024.
Some significant trends currently influencing the Indian sports market include the utilisation of direct connections with fans, focus on enhancing fan experiences through immersive VR and AR applications during events and broadcasts, offering interactive gaming experiences, building gaming communities around sports titles, and leveraging fan engagement and opinion trading platforms.
Colab Cloud Platforms managing director Puneet Singh said, “India is currently witnessing exceptional growth in the sports tech industry, with innovative solutions and experiences enhancing the performance and overall experience of athletes, teams, leagues, and fans. By integrating our technology capabilities, we aim to transform the sports sector, offering unique value propositions across sports management, marketing and fan engagement.”
With 1.44 billion people, India is the largest consumer of sports content globally, and the demand for data-driven decision-making, marketing and operations is expected to rise, leading to substantial market growth.