Australia’s sports technology sector hits $3.05 billion in 2024
Australia’s sports technology sector is experiencing remarkable growth, now valued at an impressive $3.05 billion. This booming industry accounts for approximately 12% of the broader Australian sports market, which has a total valuation of $26.4 billion.
About the industry
Sports technology encompasses a wide array of products and services that combine sports and digital innovation. The Australian Sports Technologies Network (ASTN) recently announced that the sector has reached an impressive $3.10 billion in 2024. This figure represents a ten percent increase in revenue over the last 12 months, indicating robust year-over-year growth. Importantly, this sector now employs nearly 15,000 people, demonstrating its substantial contribution to the national economy.
The growth of the sports tech sector has been partly driven by the surge in consumer adoption of smartwatches, connected fitness systems, and training apps. In the 2024 financial year alone, mergers, acquisitions, and capital-raising activities in the sector amounted to $325 million.
According to the ASTN report, the Australian sports tech sector is transitioning from its ‘growth stage’ to a ‘maturity stage’. Despite this, revenue growth continues, although at a slightly slower rate. The report notes that there were 765 sports tech companies operating in Australia by June 2024, reflecting a 177 percent increase in the number of companies since 2012.
Sports tech’s role in economy
The sports tech sector intersects with several critical industries, including advanced manufacturing, artificial intelligence (AI), and quantum technology. Dr Martin Schlegel, chair of ASTN, points out that sports tech is part of the priority areas identified by Australia’s National Reconstruction Fund. The fund is aimed at promoting industries that drive the nation’s economy, with sports tech standing as a critical player.
“Australia’s outstanding sporting culture, combined with professional achievements and world-class sports education, provides a solid foundation for the sports tech sector’s expansion. Sports tech intersects with many of the enabling capabilities which are part of the priority areas of the Australian economy identified by the National Reconstruction Fund. The next decade promises exciting opportunities for growth and innovation both domestically and internationally,” said Dr Martin Schlegel, chair of ASTN.
Dr. Schlegel further stated, “We can expect advancements in artificial intelligence, positioning, timing and sensing, advanced information and communication technologies as well as advanced manufacturing and materials or quantum technology will help to shape the future of various industries.”
Looking ahead, the sector is expected to see advancements in AI, positioning, timing and sensing technologies, and communication technologies. One of the most exciting prospects for Australia’s sports tech industry is its involvement in the 2032 Olympic Games in Brisbane.
