Hi Dishu,
"...The output rise time for Digital sensor(I2C) 240usec ..."
Where do You read this and what exactly this means?

"... I found that applications include enviromental lighting & general color detection. "

Datasheer HDJD-S722-QR999 :
Avago Technologies’ color sensor is ideal for open-loop color identification and closed-loop color point control. The sensor is designed for low illuminance applications
including color detection, environmental lighting, industrial process, etc.

You must make decision. I think You will make new setup.
Dont wait this will be last.
regards