The latest report by IMARC Group, titled "Smart Toys Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global smart toys market is expected to exhibit a CAGR of 16.97% during the forecast period (2022-2027). Smart toys are connected to smart devices or the internet to provide better functional features for children to play and learn. These toys are powered by sensor-based technologies that enable them to change their actions according to external stimuli. They also utilize speech synthesizers to make the experience more interactive. Some of the most commonly used smart toys are app-enabled toys, voice/image recognition toys, health tracking toys, etc. They enhance the self-esteem and confidence of kids and help them develop problem-solving skills. At present, smart toys are widely available across company-owned websites, e-commerce portals, hypermarkets and supermarkets, and specialty stores.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Toys Market Trends:
The market is primarily driven by the rising parental concerns about the development of motor skills, cognitive flexibility, spatial reasoning, and competence in their children. In addition, the growing popularity of Internet of Things (IoT)-based smart toys, which efficiently integrate learning and entertainment while also enabling parents to keep a close eye on their children, represents another major growth-inducing factor. Besides this, nowadays, educational robots and play-to-learn interactive tablet toys are widely utilized in classrooms for storytelling and for delivering superior gaming and learning experience. This, coupled with the growing inclination toward science, technology, engineering, and mathematics (STEM) learning solutions to enhance creativity and problem-solving ability in kids, is positively influencing the market growth. Furthermore, the expanding e-commerce industry and the easy availability of smart toys at discounted prices are anticipated to propel market growth in the coming years.
- Based on the product, the market has been categorized into robots, interactive games, and educational toys.
- On the basis of technology, the market has been segmented into Wi-Fi, Bluetooth, and others.
- Based on the interfacing device, the market has been classified into smartphone-connected, tablet-connected, and others.
- On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, online stores, specialty stores, and others.
- Based on the end user, the market has been classified into toddlers, pre-schoolers, school-going, and stripling.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being fischertechnik GmbH, Kreyonic Inc., LeapFrog Enterprises Inc. (VTech Holdings Limited), Mattel Inc., Pillar Learning, PlayShifu, Primo Toys, ROYBI Robot, The Lego Group, and WowWee Group Limited.
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