What is Smart Toys Market?
Smart toys consists of its own intelligence and behaves as per the pattern. These smart toys are connected to the internet or cloud. The smart toys enhances the skills of the children and also improves the professional skills such as coding, programming and engineering. In addition, it is also used for the education and learning purpose. Moreover, the smart toys are installed with speech recognition and speech synthesizers which are implemented in software and hardware. Hence, these are increasing the demand of smart toys.
The market study is being classified by Type (Screen less toys, App-enabled mechanical toys, Voice or image recognition toys, Health-tracking toys or wearable, Toys-to-life and Puzzles and building games) and major geographies with country level break-up.
Dream International (China), Jakks Pacific (United States), Hasbro Inc. (United States), Kid ii Inc. (United States), Playmobil (United States), The Lego Group (Denmark), Mattel Inc. (United States), KNEX Industries Inc. (United States), Konami Corporation (Japan) and Leapfrog Entertainment (United States) are some of the key players profiled in the study.
The market of smart toys is fragmented and the companies are focusing on the innovations. The emerging economies are to estimate positive growth due to the factors such as rising disposable income in upcoming years. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Smart Toys market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Toys market by Type, Application and Region.
On the basis of geography, the market of Smart Toys has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Concerns of Children Spending Time of Digital Devices is leading to Increase in Promotion of Smart Toys
- Increasing Popularity of Smart Toys among the Children
Market Trend
- Rising usage of augmented reality in toys is increasing the demand. The augmented reality helps in improvement of analytical and reasoning skills of children. The companies are looking to launch the AR based toys such as AR activity box sets. Hence, the rising usage of technology will further fuel the demand of smart toys in upcoming years.
Restraints
- High Costs Associated with the Smart Toys Due to the Involvement of Technology
- Security and Privacy Concerns May Affect the Market Growth
Opportunities
- Increasing Disposable Income in Emerging Economies
- Technological Advancements in Smart Toys
Market Leaders and some development strategies
In August 2019, Hasbro has announced to acquire entertainment one adding brands. This acquisition will strengthen the position in global play and Entertainment.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations