Colab Cloud Platforms announces strategic diversification into Sports Management and Sports Technology Market

Chennai 21th June 2024: Colab Cloud Platforms Ltd. (BSE: 542866), a leading technology solutions provider, is proud to announce its strategic diversification into the Sports Management and Sports Technology industry. This move targets a significant market opportunity valued at Rs 15,766 crore according to GroupM ESO Sporting Nation Report 2024, positioning Colab Cloud to leverage its technological prowess across various segments of the sports industry.

This strategic expansion will see Colab Cloud utilizing its advanced technology capabilities in innovative ways, including management and development of sports Intellectual Properties (IPs), Fan Engagement platforms, and Virtual reality (VR) and Augmented reality (AR) experiences.

Leveraging its extensive expertise in technology, Colab Cloud aims to drive growth by offering advanced solutions tailored for the sports industry. These solutions encompass sports management, technology, and marketing. Colab Cloud aims to be an all-rounder in the world of sports business. The potential for technology to revolutionize fan engagement is vast and exciting, with possibilities ranging from personalized 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 $250 billion in 2023 and is projected to grow at a CAGR of 3.8%. Furthermore, Brainy Insights reports that the global sports market was valued at $480.12 billion in 2023 and is expected to grow at a CAGR of 5.6%, reaching $506.93 billion by 2024. This rapid growth underscores the potential for Colab Cloud’s technology-driven initiatives in the sports sector.

Several significant trends are currently influencing the Indian sports market. These include the increasing utilization of direct connect with fans and the growing popularity of sports. Additionally, there is a growing 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.

Mr. Puneet Singh, Managing Director of Colab Cloud Platforms Ltd., commented, “Our objective is to leverage our technological expertise to accelerate growth in this new vertical. 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.”

He added, “Technological advancements are significantly transforming the sports industry and enhancing fan engagement. The convergence of technology and digital engagement is fundamentally reshaping the sports and gaming sectors, ushering in a new era of fan engagement that prioritizes digital experiences.”

As a result of this diversification strategy, Colab Cloud will be positioned to add value across the entire lifecycle of sporting events, maximizing monetization potential. The company is exploring both organic and inorganic growth opportunities to enhance its presence in this burgeoning industry. 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. Colab Cloud aims to leverage this growth by developing tailored sports marketing strategies, managing sponsorships & ip’s and creating branded sports content that resonates with diverse audiences.

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