The Australian Sports Technologies Network's study found that the country's sports technology industry was now worth AUS$4.25 billion ©ASTN

Australia's sports technology sector is worth AUS$4.25 billion (£2.23 billion/$2.78 billion/€2.58 billion) and is expected to grow even more before the Brisbane 2032 Olympics and Paralympics, a new study has revealed.

The Australian Sports Technologies Network (ASTN) has published a new report which claims that the sector is now equal in value to the country’s financial technology sector.

The "Sports Innovation Report for 2023" found that the sector had grown by 11.8 per cent per year in the past decade since the inception of the ASTN in 2012 when there were only 284 companies.

According to the study, 758 companies now make up Australia’s sports technology ecosystem, employing 13,438 people.

Victoria is said to form the backbone of the sector with 41 per cent of the companies based in the state, while others are largely located in New South Wales and Queensland.

The ASTN said it anticipated that the sector would continue its "successful trajectory and sustained growth" courtesy of a "new wave of technologies" emerging in preparation for Brisbane 2032.

"We are 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," said ASTN chair Martin Schlegel.

It is estimated by the ASTN that a
It is estimated by the ASTN that a "new wave of technologies" will emerge in the build-up to the Brisbane 2032 Olympics and Paralympics that will boost the sports technology sector ©Getty Images

"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."

The global sports technology industry is estimated to be worth $22.9 billion (£18.48 billion/€21.36 billion) in 2022 and is forecast to grow by 13.8 per cent per annum to $41.8 billion (£33.73 billion/€39 billion) by 2027.

"Rapid growth in sportstech is reshaping the sports industry as we know it and unlocking new revenue streams," said Schlegel.

"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 $4 billion in revenue."