ALBANY, N.Y., April 13, 2021 /PRNewswire/ -- The global smart toys market is expected to be fuelled by rising demand for internet-connected toys (internet of toys) and a growing number of tech-savvy consumers. The toy industry has embraced high-tech innovations that aid in the advancement of children through educational learning methods facilitated by smart toys. The Internet of Toys envisions a world in which toys are not only linked to children but also to each other through wireless communication. Already existing toy companies as well as start-ups are willing to innovate in this field, as it has the potential to become their largest market as the number of customers grows. This may also aid students' advancement of STEM skills (science, technology, engineering, and mathematics). As a result, the smart toys industry is fuelled by the internet of toys, which is likely to shape the contours of the said market.
Furthermore, technical innovation in toys is occurring throughout several industries, with ground breaking benefits for businesses seeking to draw more customers. Consumers, on the other hand, are worried about data security violations and unclear terms and conditions that they must embrace in a bid to unlock or access all of the game's functionality. These factors are likely to serve as obstacles for the expansion of the global smart toys market in the near future.
The global smart toys market is expected to hit around US$ 69,932.5 million by 2026, owing to the growing prominence of the concept of the internet of toys. During the forecast period of 2018 to 2026, the market is expected to develop at a growth rate of ~36.4% CAGR. The market's expansion can be attributed to an increase in demand for high-tech toys and games that can aid in children's learning and education. The smart toy market is still in its early stages, but it is expected to grow rapidly in the coming years.
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Key Findings of Market Report
- Internet of Toys to Open Up New Revenue Streams for the Smart Toys Market
The Internet of Toys envisions a world in which toys are not only linked to one another but also to children. Existing toy companies and start-ups alike are eager to innovate in this field, as it has the potential to become their largest market as the number of customers grows. This can also assist students in developing STEM (science, technology, engineering and mathematics) skills. Several countries are eager to follow policies that make use of immersive toys and games to help their children learn. One of the challenges in Australia, for example, is that the increasing demand for workers with STEM skills, but students' performance and involvement in science and mathematics decreases. As part of their professional growth, science educators could make use of the Internet of Toys concept to assist them in conducting actual astronomy research in conjunction with scientist mentors. Because of the massive research and development activities and investments involved, the Internet of Toys has a medium influence on this sector.
- Partnerships and Alliances to Pave Way for Rapid Growth of the Market
Over the years, many tactics and methods have been developed to increase the sales of smart toys, with technological partnerships being one of the most encouraging. Both the technology suppliers and the established players in the toy industry profit from partnerships and alliances. However, as a result of numerous instances of security breaches, data protection, and a few cases of data breach, concerns about data security are on the rise. As a result, to address these issues, toy companies can form partnerships with tech behemoths to develop technically sophisticated and safe smart toys. For example, Apple, Inc. is well established for its uncontrollable servers and important breakthroughs in technology, toy manufacturers make both integration and alliances with Apple and any other technology firm.
Explore 200 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Smart Toys Market (Toy Type - App- Enabled Mechanical Toys, Voice/Image Recognition Toys, Screenless Toys, Toys-To-Life, Puzzles and Building Games, Health Tracking Toys/ Wearable; Interfacing Device - Smartphone-Connected Toys, Tablet-Connected Toys, Console-Connected Toys, App-Connected Drones; Technology - Wi-Fi, Bluetooth, RFID/ NFC; Distribution Channel - Online Market, Specialty Stores, Toy Shops, Cloud Based, On Premise; Age Group - 2-5 years, 6-8 years, 8-12 years, Teenagers, Adults)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/smart-toys-market-2018-2026.html
Smart Toys Market: Growth Drivers
- Online sales are now the most popular outlet amongst customers in all regions, due to reduced prices and deals that, as opposed to physical shops, typically offer discounts on important events and in the public holidays.
- The expansion of the global smart toys market is due to an increase in demand for technologically advanced toys and games that can aid in children's education and learning.
Analyze Smart Toys Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Smart Toys Market: Key Competitors
- Sony Corporation
- KNex Industries Inc.
- Konami Corporation
- Hasbro Inc.
- The Lego Group
- Jakks Pacific Inc.
Global Smart Toys Market: Segmentation
- App- Enabled Mechanical Toys
- Voice/Image Recognition Toys
- Screenless Toys
- Puzzles and Building Games
- Health Tracking Toys/ Wearable
- Smartphone-Connected Toys
- Tablet-Connected Toys
- Console-Connected Toys
- App-Connected Drones
- RFID/ NFC
- Online Market
- Specialty Stores
- Toy Shops
- Cloud Based
- On Premise
- 2-5 years
- 6-8 years
- 8-12 years
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