The National Collegiate Athletic Association (NCAA) has signed a 10-year agreement with sports data and technology services company Genius Sports.
It is hoped the deal will modernise the collection and distribution of intercollegiate sports data.
More than 1,100 NCAA member institutions could benefit with Genius utilised in select Championships.
This will start with men's and women's basketball tournaments next year.
It is claimed that "cutting edge" software will "revolutionise" how real-time data and statistics are captured, managed and distributed.
Other sports set to benefit are volleyball, football, American football, baseball and softball.
In addition, Genius Sports will serve as the NCAA's exclusive agent in licensing real-time official data from Championship events, including NCAA March Madness, to media platforms and other companies.
"This digital transition comes at a time when data for all intercollegiate sports are increasingly important to our fans, our institutions and our partners," said Oliver Luck, executive vice president of regulatory affairs and strategic partnerships for the NCAA.
"This initiative will transform the way we collect, use and distribute the vast amount of sports data being consumed across all sports at every level.
"It will allow our schools to upgrade to state-of-the-art technology."
Mark Locke, chief executive of Genius Sports, added: "This technology will deliver a world-class experience for NCAA fans, coaches, players, athletic directors and administrators alike.
"We're delighted to be playing a pivotal role in the NCAA's digital transformation, implementing one of the most advanced technology systems in sports."