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Global Smart Toys Market – Analysis and Forecast (2021-2027): Industry Insights by Technology (Bluetooth, NFC, RFID, Wi-Fi), By Type (Smartphone App-Enabled Toys, Health-Tracking Wearable, Voice or Image Recognition Toys, Screenless Toys, Building and Puzzles Games, Toys-to-Life, Others), By Distribution Channel (Online-Offline Stores, Toy Shops, Company Specialty Stores, & Others)

Report ID: KT0121ST | Published Date: Jan-2021 | Category: Technology | Base Year: 2023 | Format: Report Formats

As internet penetration, population, and disposable income are increasing, the growth of the global smart toys market is also anticipated to rise in the given forecast period. As these smart toys are technologically advanced, they have their intelligence and are very popular among kids due to their interactive part. Additionally, newly introduced products have certain advantages, which makes them beneficial for learning and developing some skills. Thus, parents are accepting these toys with great pleasure.

Market Segmentation:
Insight by Technology:
Several technologies like RFID, Bluetooth, Wi-Fi, and NFC are utilized in the smart toys market. RFID is the technology among all these technologies which is expected to grow very fast because of its utilization in tracking and tagging products. Additionally, data can be stored using this technology due to the presence of an antenna and a memory chip that leads to enhancing the experience of consumers. The major benefits of utilizing RFID technology are packaging and inventory tracking which results in enhancing the popularity of this technology in the market of smart toys throughout the world.

Insight by Type:
There are various types of these toys available in the market such as health-tracking toys, screenless toys, voice or image recognition toys, app-enabled mechanical toys, toys-to-life, puzzles, and building games, etc. As the adoption of artificial intelligence is increasing in developing and developed countries, it is expected that voice or image recognition toys will grow rapidly during the forecast period.

Insight by Distribution Channel:
Based on the distribution channel, the segmentation of the smart toys market is divided into toy shops, online stores, offline stores, specialty stores, and others. Toy shops are recorded as the largest seller of these toys among all channels and it is expected that online stores will witness the fastest growth in the given forecast period. This is because of the increasing utilization of e-commerce which increases the awareness related to online stores.

Industry Dynamics:
Industry Trends:
The major players in the industry of toys have initiated their investment in the activities of research and development. The industries of hotel tourism and coaching centers are attracting customers by utilizing smart toys and enhancing their market base. In the smart toy market, other key trends to be witnessed are the utilization of the adoption of artificial intelligence and advancements in technology to develop the products by the market players.

Growth Drivers:
The major factor that is driving the growth of the smart toy market is an increase in internet penetration, consumer base, and disposable income. The popularity of these toys is also increasing because of the marketing campaign run by the market players that suggest these toys are very helpful in the growth and development of the kids. Thus, parents rapidly adopt these toys to enhance the learning and development of skills in their children as claimed by the manufacturers.

The significant growth of the market of smart toys can be observed because of the increasing buying capacity of consumers with an increase in disposable income and internet penetration. These toys assist children in waking up, reminding them of assignments, answering their queries, and getting them to sleep on time. The analysis of children’s activity can be observed on the dashboard available online by the parents. Due to all these benefits, this market is expected to grow in the given forecast period.

The growth of the smart toy market can be hampered due to its costly rates and concerns about security and privacy in terms of data collected by these devices. The most challenging factor for this market is the protection of the privacy of the consumer as toys having artificial intelligence have a great risk of losing confidential records to hackers.

Industry Ecosystem:
The players of the industry are leveraging the growth of the market by developing innovative solutions in smart toys throughout the world. Various solutions like a source of knowledge, artificial assistance, entertainment, and improving productivity are provided by vendors of smart toys to users.

Geographic Overview:
Geographically, the largest smart toy market is observed in North America due to the advancements in technology, the adoption of these toys to engage kids and high disposable income. In the US, there is enormous development in the sector of artificial intelligence. These opportunities have been utilized by the manufacturers of the toy industry to boost their sales of toys with innovative features.

As the consumer base and disposable income in the Asia Pacific are increasing, it is anticipated the smart toys market will rise in this region over the forecast period. Countries like Japan are observing the increasing popularity of artificial intelligence which is leading to extensive investment towards these smart toys.

Competitive Insight:
Most of the major players in the industry are improving product quality by investing heavily in research and development and adopting new technologies to strengthen their market hold. However, the local players are observed to develop cost efficiencies in their business operations by depending upon new technology.

Several key players in the smart toys market consist of Konami Corporation, Sanrio Company Ltd., TOMY Company Ltd., JAKKS Pacific Inc., Fisher Playmate Toys, Mattel, Inc., Integrity Toys, and Leap-Frog Enterprises Inc.

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