SMART TOYS MARKET: OVERVIEW
The Smart Toys Market was valued at USD 12.9 Billion in 2021, the market is projected to grow USD 35.5 Billion in 2030, at a CAGR of 14.6%. Smart toys are those that integrate technology to improve play while interacting with children. Smart toys enable open play or act in a way that fosters the child's imagination in order to involve kids in these interactions. One of three different types of responses, such as light, sound, and movement, is frequently produced by smart toys in response to a child's actions. Smart toys are able to have artificial intelligence because they have input & output devices, a microprocessor, and volatile or non-volatile memory units. They consist of speech recognition and a translator that are easily included into hardware and software platforms. Multiple sensors that are included into smart toys enable them to react to their surroundings and hence become more lifelike.
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The supply chain of the retail industry has been significantly damaged by the COVID-19 epidemic. The market for smart toys has been significantly impacted by the COVID-19 outbreak. The smart toy industry has been affected by the Covid-19 epidemic's growing patient population and supply chain disruption. Labor limitations also had an effect on the market for smart toys in the early stages of the pandemic. The support of social media platforms and the influence of the media and TV industry during the pandemic contributed to the sector's growth.
SMART TOYS MARKET: TREND
Increasing Development Associated with IoT and AI Technologies
Some of the main factors driving the expansion of the worldwide smart toy market include rising investment in the development of AI and IoT technologies, expansion of 3D printing technology, and the incorporation of proximity sensors in toys. In addition, the development of e-commerce businesses and rising interest in animated films are anticipated to open up new potential opportunities for the industry.
SMART TOYS MARKET: DRIVERS
Increasing Preference for Educational Learning Toys Drive Market Growth
The growth of middle-class population as well as a rising preference for educational learning toys. Due to its extensive distribution network and high consumer engagement rate, Lego Group has been seeing consistent demand, drive market growth during the forecast period. For instance, The LEGO Group is increasing its footprint in Singapore through funding the growth of the nation's digital sector. To expand the business's presence in East Asia, the important actor has teamed up with Singapore's Economic Development Board. Moreover, it is anticipated that growing interest in animated movies will create new opportunities for industry expansion. Online retail has witnessed significant growth in the market for smart toys. Customers have a variety of purchase options available to them thanks to the online retail industry. Additionally, individuals are adopting online payment options with a higher level of confidence as a result of advancements in payment security options.
SMART TOYS MARKET: RESTRAIN
Growing Demand for Remote Learning Limit Market Growth
The growing requirement for home education is likely to hamper the growth of the global smart toys market. In particular, for children who are in their developing years, smart toys are advised by teaching professionals and employed for instructional purposes.
Global Smart Toys Market Report Coverage
|Market Size in 2021:||USD 12.9 Billion|
|Forecast Period 2021-2030 CAGR:||14.6%|
|2030 Value Projection:||USD 35.5 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||240|
|Tables, Charts & Figures:||115|
|Segments covered:||COVID-19 Impact Analysis Report, By Product, By Technology, By Distribution Channel|
|Companies Covered:||Wonder Workshop Inc, Dream International, Hasbro, Indiegogo Inc., Jakks Pacific, Kids II Inc., KNEX Industries Inc., LeapFrog Enterprises Inc., Lego System A/S, Mattel Inc., Peguino Ltd., Pillar Learning, Playmobil, Robofi LLC, Sphero Inc., Sega Toys Co. Ltd., Tomy Co. Ltd.A.P., Moller – Maersk.|
|Growth Drivers:||1)The growing requirement for home education is likely to hamper the growth of the global smart toys market 2)The Global Smart Toys Market is segmented by Product, Technology, Distribution Channel, and Region|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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SMART TOYS MARKET: SEGMENTATION
The Global Smart Toys Market is segmented by Product, Technology, Distribution Channel, and Region. Based on the Product, the market is categorized into Voice/Image Recognition Toys, Educational Robots, App-Enabled Toys and Others. Based on Technology, the market is categorized into Wi-Fi, Bluetooth and Others. Based on Distribution Channel, the market is categorized into Offline and Online. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Based on the product segment, the global smart toys market is categorized into voice/image recognition toys, educational robots, app-enabled toys and others. The app-enabled toys segment has dominated the market share in 2020 of global smart toys market owing to the increasing disposable income across developing regions. The expanding global adoption of mobile apps across the world.
Based on the technology segment, the global smart toys market is categorized into wi-fi, bluetooth and others. The bluetooth segment has dominated the market share in 2020 of global smart toys market owing to the rising penetration of medium segment smartphones across Asia Pacific as well as Europe region.
SEGMENTATION: BY REGION
Based on the Region, the Global Smart Toys Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America region is dominating the market share of global smart toys market owing to the demand for smart toys in the region is being driven by the increasing usage of smart home technology. According to a report by Acquity Group, 30% of Americans now own smart IoT devices, and the demand for in-home smart products is rising. There is an increasing need to update current software and alter AI security parameters. This is supported by the high safety and improvement standards that the governments of North American nations have implemented for smart toys. However, Asia Pacific region is anticipated to grow over the next few years of global smart toys market owing to the significant investments in 3D printing and AI sensing technology, are responsible for this expansion. China is the top revenue-producing nation in the Asia Pacific market for smart toys. The burgeoning digitization trend, the rising popularity of smart toys, and rising R&D department expenditure are the key causes of this region's strong growth. Increasing launches of new brands by key players and an increase in the number of smart toys start-ups in the region are projected to boost market growth.
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SMART TOYS MARKET: KEY PLAYERS
- Wonder Workshop, Inc
- Dream International
- Indiegogo, Inc.
- Jakks Pacific
- Kids II Inc.
- KNEX Industries Inc.
- LeapFrog Enterprises Inc.
- Lego System A/S
- Mattel Inc.
- Peguino Ltd.
- Pillar Learning
- Robofi LLC
- Sphero, Inc.
- Sega Toys Co. Ltd.
- Tomy Co. Ltd.
SMART TOYS MARKET: RECENT DEVELOPMENT
- May 2021- To introduce Applaydu, the Kinder company teamed together with Oxford University and Gameloft. Through augmented reality, this innovative app brings Kinder Joy toys to life in a universe of exploration and fantasy. In addition, the app provides stories, activities, and chances for discovery and creativity.
SMART TOYS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Smart Toys Market. The Global Smart Toys Market is segmented by Product, Technology, Distribution Channel, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Smart Toys Market.
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