Australia’s once nascent SportsTech market has grown rapidly and matured into the pinnacle of technological innovation and development in the sports sector, and is listed among the top five globally.
The sports technology sector’s rapid growth in Australia has taken the nation to new heights. In a recent report released by the Australian Sports Technologies Network (ASTN), it found that the SportsTech industry, although still emerging, has managed to quickly build a place for itself at the forefront of sports innovation globally, with over 600 SportsTech startups rising in the past years.
With the current health and wellness craze, many new sports concepts are emerging, the global SportsTech industry’s estimated valuation was at AU$26 billion in 2021, and with the current upward trajectory, is anticipated to rise by up to 17.5% per annum to AU$58 billion by 2026. Australia has rode on the trend and is ranked among the top five nations leading the global SportsTech industry.
The Chairperson of ASTN, James Demetriou stated, “We are building one of the world’s most advanced and integrated sports innovations ecosystems over the next decade leading up to several major events in Australia’s sporting calendar including the 2032 Summer Olympic Games.”
Australia’s own SportsTech sector is expected to be worth almost AU$3.1 billion in revenue annually, with a number of locally enforced companies rising rapidly, from 224 to 605 by 2022, of which have recruited over 10,800 individuals.
“To reach their full potential and to keep pace globally, there are real line-break opportunities that these firms should be taking advantage of that will further enable them to ride the wave of success they have enjoyed in past years,” added Demetriou.
The report spotlighted Victoria’s role as the sporting capital of the nation, housing 46 out of 118 of the largest SportsTech companies, which accumulates to 44% of the industry. Moreover, innovations in Information and Communications Technologies (ICT) were among the more widely adopted tech categories in the sector, with 61% of those sports concepts being ICT-based. In addition to that, the findings reported on the SportsTech companies and identified 118 key players leading the industry, generating AU$2.72 billion worth of revenue per annum.
The ASTN has identified 118 SportsTech companies as industry leaders and has estimated that in 2022 that these companies employ more than 8,000 people and generate $AU2.72 billion revenue per annum, or 89% of the total revenue of the industry.
Among the many emerging SportsTech trends, women’s wellness, sustainability, Environment, Sustainability, Governance (ESG), and artificial intelligence, were listed as the most attractive for investment and the future of SportsTech in Australia.