Smart Toys Market to be Dominated by App-Enabled Toys During the Forecast Period

Growing demand for educational learning toys and increased development associated with IoT and AI technologies are the leading factors driving the global Smart Toys market during the forecast period.

According to TechSci Research report, “Smart Toys Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F.” The global smart toys market is expected to grow during the forecast period due to a number of factors, including an increase in demand for interactive toys, as well as the associated benefits of using smart toys, such as fostering creativity, problem-solving skills, communication, and teamwork, which has significantly fueled market growth.

Furthermore, smart toys offer features like direct and two-way communication, real-time tracking of children's activities, and the ability to store personal data (such as a child's name, photos, and voice recordings) which aim to offer dedicated toy’s personalization. For instance, Fisher-Price, an American company for educational toys, sells a Smart Toy Bear that can be controlled by a smartphone app. Over the forecast period, such innovations are expected to drive the market.

The smart toys market is anticipated to rise throughout the forecast period due to consumers' growing awareness of technology-led education. Technology-led education is the incorporation of educational technology into higher learning institutions.  By receiving this type of technical education, children can actively engage in both pleasurable and challenging tasks, discover new worlds, and get encouraged to learn about and interact with them. With the rising preference for e-learning technologies related products with more sophisticated voice recognition features and hardware sensors that make the product more intelligent, interactive, and dynamic, the educational value associated with such toys has expanded tremendously. One of the major changes in the market for smart toys is e-learning. Increased awareness of technology-led education will help children improve their IQ and problem-solving abilities. As a result of an increase in technology-led education, the market for smart toys will develop during the forecast period.

Major market companies are utilizing more e-commerce and social media channels to attract customers in order to grow their customer bases. As more key market participants develop educational toys equipped with IoT and AI technology (AI), they are taking advantage of the expanding relevance of education-based learning. The ease with which various varieties of robots may be produced, as well as the components that go into them, are two of the main factors promoting the growth of the global market for smart toys. Increased investments in the development of IoT and AI technologies are encouraging this aspect. These essential components, driving the growth of the global market for smart toys, together with accessibility of products, have significantly enhanced market growth over the predicted timeframes.

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The Global Smart Toys Market is segmented based on technology type, age group, distribution channel, region, and competitional landscape.

Based on technology type, the market is further fragmented into app-enabled toys, voice or image recognition toys, and others (screen less toys, etc.). Among these segments, app-enabled toys segment is the fastest growing because of the development of educational entertainment options and increased smartphone usage. Additionally, interactive game play is a significant approach to experiment with different learning methods and explore creative knowledge, which has led to the increased demand for smart toys market during the forecast period.

Furthermore, app-enabled toys are further segmented into robots, cars, drones, helicopters, and others (airplane, ball). Among these sub-segments, smart robot toys are high in demand because they assist kids develop their creativity, problem-solving abilities, and communication skills. Typically, these robots are controlled remotely, though they can also be controlled via a tablet or smartphone.

Based on age group, the market is segmented into up to age of 5, age of 5 to age of 10, age of 10 to age of 15. Based on distribution channel, the market is segmented into online, toy shops, hypermarkets & supermarkets, and non-retail sales. The market analysis also studies the regional segmentation divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Key market players in the global smart toys market include:

• The LEGO Group
• Mattel, Inc.
• Leapfrog Enterprises, Inc.
• Pillar Learning, LLC.
• Seebo Interactive LTD
• Tomy Company, Ltd.
• fischertechnik GmbH
• ROYBI, Inc.
• Sega Toys Co. Ltd.
• Moravia Consulting spol. s r.o. (Primo Toys) 

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“The creation of new products, as well as the benefits of utilizing these toys, such as aiding in speaking skills, problem-solving, thinking, and creativity, are drivers driving the market expansion. The increasing uptake of the Internet of Things has accelerated the development of smart gadgets for a variety of uses. To improve learning and entertainment for kids, smart toys make use of a variety of technologies, including IoT, AI, smart devices, and many more. E-learning is a significant factor that promotes the global smart toys market expansion throughout the projected periods. said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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