Press release
Smart Toys market is anticipated to grow up to USD 69.6 Billion by 2032, at a CAGR of 19.5%
Smart Toys market
New York, According to a new market research report published by Global Insight Services Smart Toys Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Smart toys are interactive toys that can respond to a child's actions and provide educational content. They often use technology such as sensors, software, and artificial intelligence to create an immersive and engaging experience for children. Some popular smart toys include robotic pets, digital dolls, and educational gaming consoles.
Market Trends and Drivers
Various factors such as direct and two-way communication, real-time tracking of children's activities, and the capability to store personal data, such as child's name, photos, and voice recordings, which help in the personalization of toys, are some of the factors majorly driving the growth of smart toys. Companies such as Fisher-Price offers Smart Toy Bear that can be controlled by the smart toy app on a smartphone. Such innovations are expected to drive the market over the forecast period. The advent of 5G technology is expected to boost the adoption of smart devices and toys over the forecast period. According to the Ericsson Mobility.
Adopting STEM (Science, Technology, Engineering, and Math) toys for children's skills enhancement is one of the key factors driving the demand for the smart toys market. Smart toys enhance professional skills such as coding and engineering through smart interaction and behavioral learning. As parents always embrace products that can assist in their children's intellectual development, this will further boost the adoption of smart toys. Companies such as SmartGurlz toy teach girls how to code.
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Market Restraints and Challenges
The key restraints and challenges in smart toys market are as follows:
1. Lack of standardization: There is no standardization in terms of technology, design, and functionality in the smart toys market, which makes it difficult for consumers to compare and choose the right product.
2. High cost: Smart toys are generally more expensive than traditional toys, which may limit their appeal to price-conscious consumers.
3. Privacy and security concerns: Some smart toys collect data from users, which raises concerns about privacy and security. There have been reports of hacked smart toys that have leaked personal information of users.
4. Limited functionality: Some smart toys only offer basic features and are not as interactive or engaging as promised.
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Major Players in the Global Smart Toys Market
The key players in the market are Playmobil, Pillar Learning, Sega Toys Co. Ltd., LeapFrog Enterprises Inc., Mattel Inc., Hasbro Inc., Lego System A/S, Robofi LLC, Tomy Co. Ltd., and Doctor's Associates Inc.
COVID-19 Impact:
The Covid-19 pandemic has resulted in severe lockdowns in various parts of the world. The imposed lockdown has augmented work-from-home practices and shut down schools and other educational institutions as a safety measure. According to UNESCO's latest figures, some 1.3 billion learners worldwide could not attend school as of March 23, 2020. Many schools, colleges, and universities are closed across the globe.Such trends have increased the opportunities for the adoption of smart toys globally, as it promotes remote learning practices and provides enriching and immersive experiences to children..
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Reasons to buy Smart Toys Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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