The world sports tech market is estimated to increase by 17.5% annum amounting US$40 billion ($57.5 billion) by 2026, according to a report revealed by Australian Athletics Technologies Network.
In 2021, the sporting activities tech sector was believed to be well worth US$17.9 billion ($25.7 billion).
The Sporting activities Innovation Report 2022 estimates that the Australian sports tech sector earns an yearly revenue of $3.1 billion using nearly 10,800 people.
Around the past decade, neighborhood athletics tech corporations have grown from 224 to 605 by 2022, recording a 170% maximize.
Australia Sports Systems Community (ASTN) chair James Demetriou observed that with the improved need for Australia’s innovation and systems, the regional sports tech sector is on track to get to unparalleled concentrations if it embraces the traits determined in the report.
“Australia is punching earlier mentioned its weight and is now regarded as 1 of the prime five nations globally in athletics tech. We are developing a person of the world’s most innovative and built-in athletics improvements ecosystems over the up coming 10 years top up to numerous significant activities in Australia’s sporting calendar which include the 2032 Summer time Olympic Game titles,” claimed Demetriou.
“The future appears in shape for sporting activities tech firms if the market is to stick to the trajectory of the previous 10 years. Task creation, economic growth, and trade and financial investment are on keep track of to be amongst the terrific legacy achievements of which Australia can be immensely proud,” additional Demetriou.
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The report also identifies 10 main themes that supply strategic chances for the business based from discussions with field leaders, startup organizations and government.
“To arrive at their complete potential and to continue to keep tempo globally, there are authentic line-split possibilities that these firms ought to be using advantage of that will further allow them to ride the wave of good results they have relished in previous a long time,” ongoing Demetriou.
“The subject matter of sustainability is regularly large on the world news agenda and sports is actively playing a foremost function in selling and supporting sustainability. Not only is it the ideal detail to do but it will give them a competitive gain.”
Important report findings include:
Sporting money of Australia also house of sports activities innovation: Victoria leads in sports innovation. It represents 44% of the sector, adopted by NSW at 27% and QLD at 20%. ASTN estimates that practically half of work opportunities are at this time positioned in Victoria as of the leading 118 greatest sports activities tech businesses, 46 are dependent in Victoria.
Data and conversation technologies (ICT) most extremely-adopted tech classification: Of the technology types that sporting activities tech corporations are adopting to create their alternatives, 61% were ICT-based mostly (particularly around capturing and distributing athletics content material), 16% have been advanced elements (this kind of as individuals applied for clothing and devices that could be fibres or composites), 13% were being sensors and equipment although 9% were being health and fitness, healthcare & biotech.
Collaboration is critical: There are now all around 70 sports activities tech networks/clusters, 90 sports activities technologies accelerators and additional than 100 committed sports activities tech traders globally.
The large gamers are foremost the way: The ASTN has discovered 118 sports tech providers as marketplace leaders and has estimated that in 2022 that these companies employ extra than 8,000 folks and produce $2.72 billion income for each annum, or 89% of the complete earnings of the business.
Rising sportstech traits: Some of the traits outlined in the report, that kind aspect of ASTN’s 5-12 months strategy, involve women in sports activities tech, sustainability and ESG (environment, sustainability, governance), synthetic intelligence, good clothing, machines and wearables, and investment decision and enterprise cash into Australian sports activities businesses.
“We are committed to strengthening the Australian sports activities tech sector by delivering management in the commercialisation, enhancement and advertising of Australian impressed athletics systems whilst also bringing alongside one another gurus with startups and the wider local community to aid innovation,” said Demetriou.