Australian sport tech sector worth $4.25 billion: ASTN

Australia’s sport technology sector has been valued at $4.25 billion, with companies within the sector growing 11.8 percent per year, new research has uncovered.

As a bourgeoning sector, this valuation is equal what the Australian fintech sector was worth in 2020.

The Australian Sport Technology Network (ASTN) developed a detailed market sizing and economic impact analysis on Australia’s sportstech industry.

The 2023 report builds on the findings from ASTN’s inaugural report in 2022.

Dr Martin Schlegel, Chair, ASTN said rapid growth in sportstech is reshaping the sports industry and unlocking new revenue streams.

“The second edition of the ASTN Sports Innovation Report takes a deeper dive into the emerging sector – to help inform industry leaders, and provide new growth opportunities for sportstech startups,” he said.  

The report identifies 115 companies as industry leaders. This list includes Australian brands including 2XU, Sweat, Vuly and PTP.

These companies generate around 87 percent of the total revenue of the industry.

Schlegel said, “Australia’s sportstech sector has proved it has now moved out of its nascent stage as it goes head-to-head with Australia’s booming fintech sector. Australia continues to prove that it’s one of the world’s leaders and long-term pioneers in sports technology and innovation.

“The sector has exceeded all expectations in this year’s report as the sector surpasses A$4 billion in revenue.”

Australia’s sportstech sector is predicted to continue its successful trajectory and sustained growth with a new wave of technologies emerging in preparation for the Brisbane 2032 Olympics and Paralympic Games.

Schlegel said the country is building one of the world’s most advanced and integrated sportstech ecosystems in the lead up to several major events in Australia’s sporting calendar over the next decade.

“We can expect to see new technologies from AI, big data analytics to mobile, non-invasive wearable sensors and smart materials being deployed across the sportstech market verticals. As a result, new companies will be formed providing opportunity for further growth of the sector,” he said.

The report noted that top emerging themes in the industry – from ESG to smart apparel – have accelerated digital transformation across leagues, teams and federations globally in recent years.

“To continue the sector's momentum, Australia’s sportstech firms need to stay abreast of global trends and take advantage of these opportunities to reap the rewards over the next decade,” Schlegel ended.