Australia’s sports technology sector is valued at AUS$4.25 billion and is expected to grow further leading up to the Brisbane 2032 Olympics and Paralympics, according to a study by the Australian Sports Technologies Network (ASTN).
The ASTN foresees continued growth for the sector with the emergence of new technologies in preparation for Brisbane 2032, including AI, big data analytics, wearable sensors, and smart materials.
The sector has grown at a rate of 11.8% per year since the establishment of the ASTN in 2012, with the number of companies increasing from 284 to 758.
Victoria accounts for 41% of the companies in the sector, while New South Wales and Queensland also have a significant presence.
The global sports technology industry is estimated to be worth $22.9 billion in 2022 and is projected to grow at a rate of 13.8% per annum, reaching $41.8 billion by 2027.
The rapid growth of sports tech is reshaping the sports industry and creating new revenue streams.
Australia’s sports tech sector is now on par with the country’s fintech sector, showcasing its advancement and competitiveness.
Australia is recognized as a global leader and pioneer in sports technology and innovation.
The sector’s revenue has exceeded expectations, surpassing $4 billion according to the report.