The Australian Sports Technologies Network (ASTN) has released their inaugural innovation report, which shows the Australian sports technology industry is quickly becoming one of the most mature and interconnected in the world.

According to the report, Australia’s sports technology sector is worth AUD$3.1 billion in annual revenue and employs over 10,000 people, with the number of local companies growing by 170% from 224 to 605 in 2022.

The report also estimates a 17.5% growth for the global sportstech industry, from US$17.9 billion (AUD$25.7 billion) in 2021 to over US$40 billion (AUD$57.5 billion) in 2026.

Commenting on the potential growth of the sportstech industry, ASTN founder and chairman, James Demetriou, said: “Australia is punching above its weight and is now regarded as one of the top five nations globally in sportstech.”

“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.

“The future looks fit for sportstech businesses if the industry is to follow the trajectory of the past 10 years.

“Job creation, economic growth, and trade and investment are on track to be among the great legacy achievements of which Australia can be immensely proud,” he said.

On technology businesses’ potential to grow, Demetriou, said: “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.”

“The topic of Sustainability is consistently high on the global news agenda and sports is playing a leading role in promoting and supporting sustainability.

“Not only is it the right thing to do but it will give them a competitive advantage,” he said

ASTN also outlined several key findings in the report, which are:

• Sporting capital of Australia also home of sports innovation: Victoria leads the way in Australian sports innovation as it represents 44% of the industry, followed by NSW at 27% and QLD at 20%, ASTN also estimates almost half of the jobs in sportstech are based in Victoria, along with 46 of the top 118 companies.
• Information and Communications Technologies (ICT) is the most adopted tech category: Of the technology categories that sportstech businesses are adopting to develop their solutions, 61% were ICT-based, particularly around capturing and distributing sports content, 16% were advanced materials, which includes apparel and equipment used for fibres or composites, 13% for sensors and devices, while 9% were health, medical & biotech.
• Collaboration is key: There are now approximately 70 sportstech networks or clusters, 90 sports technology accelerators and more than 100 dedicated sportstech investors globally.
• The big players are leading the way: The ASTN has identified 118 sportstech companies as industry leaders and has estimated that in 2022, these companies employ more than 8,000 people and generate AUD$2.72 billion revenue per year, or 89% of the total revenue of the industry.
• Emerging sportstech trends: Some of the trends outlined in the report, form part of ASTN’s five-year strategy, including women in sportstech, environment, sustainability and governance (ESG), artificial intelligence, smart apparel, equipment and wearables, and investment and venture capital into Australian sports companies.

On ASTN’s commitment to the Australian sportstech industry, Demetriou, said: “We are committed to strengthening the Australian sportstech sector by providing leadership in the commercialisation, development and promotion of Australian inspired sports technologies while also bringing together experts with startups and the wider community to facilitate innovation.”

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