Australia’s new sports technology sector is among the top 5 in the world, supporting more than 600 start-ups, according to a new report from the Australian Sports Technology Network (ASTN).
The inaugural Sport Innovation Report 2022 concludes Australia already has one of the most mature and interconnected ecosystems in the world.
With the Brisbane Olympics ten years away, and the global sports technology industry currently worth an estimated $17.9 billion and expected to grow at 17.5% annually to $40+ billion by 2026, Australia could be riding that wave.
ASTN Chairman James Demetriou said the annual contribution of domestic sports technology is estimated at $3.1 billion and employs approximately 10,800 people.
Over the past decade, domestic sports technology companies have grown from 224 to 605 by 2022, an increase of 170 percent.
It shows that ASTN 10Th If Anniversary Demetriou embraces the new trends identified in the report, the domestic sports technology sector is on its way to unprecedented heights.
“Australia is punching above its weight and is currently one of the top five countries in sports technology globally,” he said.
We are leading several major events on Australia’s sporting calendar, including the 2032 Summer Olympics, and are building one of the world’s most advanced and integrated sports innovation ecosystems over the next decade.
The technology is not just for all sports lovers, be it participants or spectators, to win medals at the international level.
As a result, Mr. Demetri argues that job creation, economic growth, trade and investment can be the legacy of the local sector.
The report also identifies 10 key themes that define the sector’s strategic opportunities and sustainability is an unexpected, but key focus.
“To reach their full potential and advance globally, there are real linear opportunities for these companies to take advantage of and ride the wave of their success over the years,” said Demetri.
“The subject of sustainability is consistently high on the global news agenda and sports are playing a leading role in promoting and supporting sustainability. Doing so is not only the right thing to do, but also gives them a competitive edge.”
Key findings of the report include:
- Victoria leads as a sports innovation hub, representing 44% of the industry, followed by NSW at 27% and QLD at 20%. ASTN estimates that 46 of the top 118 sports technology companies are based in Victoria, with almost half of all jobs currently based in Victoria.
- Among the technology categories, 61% of sports technology businesses were ICT-based (especially around the production and distribution of sports content), 16% were advanced materials (such as clothing and fiber or composite materials), and 13% were sensors. and devices were 9% Health, Medical and Biotech.
- There are now around 70 sports technology networks/clusters, 90 sports technology accelerators and over 100 dedicated sports investors.
- ASTN has identified 118 local sports technology companies as industry leaders, employing more than 8,000 people and generating $2.72 billion in annual revenue (89% of total industry revenue).
- Some of the trends outlined in the report, which are part of ASTN’s five-year strategy, include women in sports technology, sustainability and ESG (environment, sustainability, governance), artificial intelligence, smart clothing, devices and wearables, and investment and venture capital. Australian sports companies.
The 10-year-old ASTN supports the introduction, development and promotion of Australian-inspired sports technologies, including everything from performance to fan engagement, data, equipment, smart apparel and more. It is currently establishing Australia’s first sports innovation center of excellence next to Melbourne Olympic Park.