The potential growth difference for the smart toys market between 2019 and 2024 is USD 878.60 million. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver - The key factor driving growth in the smart toys market is the adoption of STEM toys for children's skills enhancement. Smart toys allow children to think critically and creatively about technology, thereby developing their analytical skills. With smart interaction and behavioral learning, these toys are expected to play an important role in developing professional skills among children such as coding, programming, and even engineering. Vendors, schools, and parents can provide experiential, hands-on learning to students using STEM toys. STEM toys can be used to enhance the cognitive skills of students and can also be used to promote logic, collaboration, problem-solving, and creative skills among students. Parents are increasingly opting for smart construction kits, as they enhance the imagination and the motor skill of individuals. In addition, the demand for modular kits that correspond to various STEM subjects is increasing in the market. Compared with traditional toys and games, smart toys are estimated to experience high sales. This is because more parents seek products that can aid the intellectual development of their children. This is expected to be a prominent factor driving the market during the forecast period.
- Market Challenges - The privacy and security issues will be a major challenge for the smart toys market during the forecast period. Leading security agencies such as the Federal Bureau of Investigation have been cautioning parents in the US that Internet-connected smart toys can be compromised by hackers. By compromising security, hackers can obtain personal information such as addresses, children's names, and birth dates, and can even download their photos. The sensitive information then can be misused for various criminal activities. Cases, where the privacy of a child was compromised by smart toys, have been reported. Independent security experts are constantly exposing the flaws in smart toys regarding their vulnerability to getting hacked and issues related to unsecured Bluetooth and Wi-Fi connections. These issues can be misused by hackers to track the activities of children and manipulate their minds, which has become a major security concern for vendors. These privacy security issues are causing a negative impact on consumers, thereby stalling the sales of smart toys to some extent.
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Segmentation Analysis
The smart toys market report is segmented by Technology (Wi-Fi, bluetooth, and others), Geography (North America, Europe, APAC, MEA, and South America), and Distribution channel (offline and online).
The smart toys market share growth in the Wi-Fi segment will be significant for revenue generation. As a Wi-Fi connection is generally connected to the Internet, Wi-Fi-operated smart toys can pose a privacy challenge. Once connected to the Internet, smart toys collect information that may be sent and stored by manufacturers or developers in cloud services. The collected data can include voice recordings, home addresses, and even sensitive personal data. This data collection can put the safety and security of children using these toys at risk. However, with the help of stringent privacy regulations, smart toys in the future are estimated to be safer and more secure.
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Some Companies Mentioned
The smart toys market is fragmented and the vendors are deploying organic and inorganic
growth strategies to compete in the market.
- Activision Blizzard Inc.
- Hasbro Inc.
- LEGO System AS
- Makeblock Co. Ltd.
- Mattel Inc.
- Silverlit Toys Manufactory Ltd.
- Sony Corp.
- Spin Master Corp.
- Ubtech Robotics Inc.
- VTech Holdings Ltd.
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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Smart Toys Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of almost 3% |
Market growth 2020-2024 |
USD 878.60 million |
Market structure |
Fragmented |
YoY growth (%) |
-9.14 |
Performing market contribution |
APAC at 40% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Activision Blizzard Inc., Hasbro Inc., LEGO System AS, Makeblock Co. Ltd., Mattel Inc., Silverlit Toys Manufactory Ltd., Sony Corp., Spin Master Corp., Ubtech Robotics Inc., and VTech Holdings Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology
- Wi-Fi - Market size and forecast 2019-2024
- Bluetooth - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Technology
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Activision Blizzard Inc.
- Hasbro Inc.
- LEGO System AS
- Makeblock Co. Ltd.
- Mattel Inc.
- Silverlit Toys Manufactory Ltd.
- Sony Corp.
- Spin Master Corp.
- Ubtech Robotics Inc.
- VTech Holdings Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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SOURCE Technavio
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