Press release
Smart Toys Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
The global smart toys market is projected to be driven by rise in demand for internet of toys and increasing technology friendly users.The toy industry has adopted high tech advances which helps in the development of kids with the help of educative learning methods through smart toys. Internet of toys refers to a future where toys not only relate to children but are wirelessly connected to each other. Existing toy companies and start-ups are eagerly innovating in this area, as this could become the largest market for them with increasing number of customers. This could also help in the development of science, technology, engineering and mathematics (STEM) skills of students. Hence, internet of toys drives the smart toys market.Get Sample Copy of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=49725
Additionally, technological advancement in toys is happening across industries, and the benefits are revolutionary for companies with greater consumer attraction. However, consumers are concerned about data security breaches and non-transparent terms & conditions, which they have to accept in order to access or unlock complete features of the game. These act as restraints for the growth of the smart toys market. The global smart toys market is anticipated to reach US$ 69,932.5 million by 2026 at a CAGR of 36.4% during the forecast period.
Growth in the smart toys market is coupled with quick delivery of toys and making the product available in both online and physical platforms, to gain competitive advantage. This can be made possible through efficient supply chain management systems. Moreover, increase in the number of internet users along with rise in popularity of smartphones and tablets has contributed to the surge in awareness about smart toys.
The online sales channel has become the most popular among consumers across all regions, which is due to the discounted prices and offers that are mostly available online unlike physical stores which offer discounts usuallyin festive seasons or on special occasions. Also, it has been observed that customers find it more convenient to research about a product online, before making a purchase.
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Several strategies and approaches have been established to increase the revenue of smart toys over the years, with technological alliances considered to be one of the most promising strategy. Alliances and collaborations are beneficial for both the parties i.e. the technology providers as well as leading players in the toy industry. However, concerns related to data security are on the rise as there are many examples regarding data privacy, security breaches, and a few cases of data breach. Hence, in order to deal with these issues, toy industry players may opt for alliances with tech giants to come up with technologically advanced and secured smart toys. For instance, as Apple, Inc. is well known for its uncheckable servers and significant technological advancements, toy manufacturers form alliances/ integration with Apple or any other tech firm.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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