The smart toys market size is expected to see exponential growth in the next few years. It will grow to $45.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rise in edutainment, increasing popularity of connected toys, parental empowerment, increasing demand for app-enabled mechanical toys, rising demand for interactive and engaging toys. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR), voice and gesture control, interconnected play, ai-powered playmates, expansion of 3d printing technology and proximity sensors in toys.
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Scope Of Smart Toys Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Toys Market Overview
Market Drivers –
The increase in awareness of technology-led education in the smart toys market is expected to propel the growth of the smart toys market in the forecast period. Technology-led education refers to the integration of instructional technology into the learning environment of schools. This type of technology education will make learning fun and help children to learn more. Education value associated with such toys has increased participants to introduce more e-learning technologies with more advanced voice recognition features and hardware sensors that make the product more intelligent, interactive, and dynamic. E-learning is one of the biggest revolutions in the smart toys Industry. For instance, in the year 2021, according to think impact.com, an Australia-based non-profit organization, nearly 75% of schools are planning to operate online, 57% of all US students were equipped with digital tools, and 80% of schools have purchased or are preparing to purchase additional technology for students. An increase in awareness of technology-led education will help the children increase IQ and promote problem-solving skills. Thus due to an increase in technology-led education, there will be growth in the smart toys market.
Market Trends –
Major companies operating in the smart toys market are developing technologically advanced products, such as artificial intelligence companions, to meet larger customer bases, more sales, and increase revenue. An AI companion, short for artificial intelligence companion, refers to a virtual or digital entity that uses artificial intelligence to engage with and assist users in various tasks, activities, or interactions. For instance, in April 2023, Toymint, a Canada-based provider of toys and children’s products, launched TeddyGPT. The innovative AI teddy chat offers an interactive, engaging, and educational experience designed for children and families. TeddyGPT represents a unique fusion of a physical toy’s charm and the latest in artificial intelligence capabilities. This exceptional toy combines the enchanting appeal of a traditional teddy bear with advanced AI features, delivering an unparalleled interactive experience that encourages communication, companionship, and learning. Developed by OpenAI, TeddyGPT empowers this toy companion to comprehend and respond to a wide array of subjects, questions, and prompts, resulting in captivating conversations that stimulate children’s curiosity and creativity, surpassing the capabilities of ordinary toys.
The smart toys market covered in this report is segmented –
1) By Technology?: Wi-Fi, Bluetooth?, Other Technologies (NFC And RFID)
2) By Distribution Channel: Online Market, Speciality Stores, Toy Shops
3) By Type: Robots, Interactive Games, Educational Robots
4) By Interfacing Device: Smartphone-Connected Toys, Tablet-Connected Toys, Console-Connected Toys, App-Connected Drones
5) By End User: Toddlers, Pre-Schoolers, School-Going, Stripling
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Regional Insights –
North America was the largest region in the smart toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart toys market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the smart toys market include K’NEX Industries Inc., The Lego Group, Mattel Inc., Hasbro Inc., JAKKS Pacific Inc., WowWee Group Limited, Anki Inc., Sphero Inc., LittleBits Electronics Inc., UBTECH Robotics Inc., Ozobot Inc., Miko (Emotix), Playmobil, Fisher-Price Inc., LeapFrog Enterprises Inc., Tomy Company Ltd., DJI Technology Co. Ltd., Wonder Workshop Inc., Innovation First International Inc., Yuneec International Co. Ltd., Spin Master Corp., Botzee India Private Limited, Siam Mandalay Co. Ltd., Wondermento Ltd., Bluebee Pals, CogniToys, Tinkerbots Games Ltd., Modular Robotics, Pai Technology Ltd., Makeblock
Table of Contents
1. Executive Summary
2. Smart Toys Market Report Structure
3. Smart Toys Market Trends And Strategies
4. Smart Toys Market – Macro Economic Scenario
5. Smart Toys Market Size And Growth
…..
27. Smart Toys Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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