Global Smart Toys Market Size, Share, and COVID-19 Impact Analysis, By Product (Voice/Image Recognition Toys, Educational Robots, App-enabled Toys & Others), By Technology (Wi-Fi, Bluetooth), By Distribution Channel (Offline & Online), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The smart toys market was valued at USD 3.2 Bn in 2021. The market is projected to grow USD 5.6 Bn in 2030, at a CAGR of 2.6%.
Smart toys are toys that interact with the kid while enhancing play via the use of technology. Smart toys are those that engage children in these interactions by either suggesting open play or acting in a way which encourages the creativity in the child. Smart toys often respond to a child's actions with one of three distinct sorts of responses, such as light, sound, or movement. Since they contain a volatile or non-volatile memory units, microprocessor, and input & output devices, smart toys are capable of having artificial intelligence. They include a translator and speech recognition that can be readily integrated into a software/platform and hardware. Smart toys have several sensors built in that allow them to respond to the environments and become more realistic as a result.
COVID-19 ANALYSIS
The outbreak of COVID-19 has impacted severely on the supply chain of the retail industry. The COVID-19 pandemic has significant impact on the smart toys business. Due to the escalating number of patients and supply chain chaos caused by the Covid-19 epidemic, the toy sector has been disrupted. Additionally, during the early stages of the pandemic, labor restrictions had an impact on the market for smart toys. The rise of the sector was aided by social media platforms' backing and the media and TV industry's sway during the pandemic.
TREND
Increasing Development Associated with IoT and AI Technologies
Some of the main factors driving the expansion of the worldwide smart toy market include rising support for the development of IoT and AI technologies, expansion of 3D printing technology, and the incorporation of proximity sensors in toys.
DRIVERS
Increasing Penetration of E-commerce Sector
Expanding e-commerce businesses and rising interest in animated films are predicted to open up new industry growth potential. The market for smart toys has seen strong growth in online retail. Customers have access to a wide range of purchasing options thanks to the internet retail sector. Additionally, thanks to improvements in online payment security alternatives, people are using online payment choices with an increasing level of confidence.
RESTRAINT
Growing Demand for Remote Learning Hampering the Market Growth
The growing requirement for home education is likely to hamper the growth of the global smart toys market. In particular, for children who are in their developing years, smart toys are advised by teaching professionals and employed for instructional purposes.
SEGMENTATION INSIGHT
The global smart toys market is segmented by Product (Voice/Image Recognition Toys, Educational Robots, App-enabled Toys and Others), by Technology (Wi-Fi and Bluetooth), by Distribution Channel (Offline and Online) and Region. Based on the product, the market is categorized voice/image recognition toys, educational robots, app-enabled toys and others. Based on technology, the market is categorized into wi-fi, bluetooth and others. Based on distribution channel, the market is categorized into offline and online. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Product Insights
Based on the product segment, the global smart toys market is categorized into voice/image recognition toys, educational robots, app-enabled toys and others. The app-enabled toys toys segment has dominated the market share in 2020 of global smart toys market owing to the increasing disposable income across developing regions. The expanding global adoption of mobile apps across the world.
Technology Insights
Based on the technology segment, the global smart toys market is categorized into wi-fi, bluetooth and others. The bluetooth segment has dominated the market share in 2020 of global smart toys market owing to the rising penetration of medium segment smartphones across Asia Pacific as well as Europe region.
Distribution Channel Insights
Based on the distribution channel segment, the global smart toys market is categorized into offline and online. The online segment is dominated the market share in 2020 of global smart toys market owing to the growing e-commerce sector across the developing countries. There are many different types, colors, and designs of smart toys products on the market. Discounts supplied by online platforms help to retain customers, which might help the industry flourish. E-commerce allows businesses to buy products directly from manufacturers and sell them directly to consumers, reducing transportation costs and lowering the price of luxury toys significantly.
REGIONAL INSIGHTS
The global smart toys market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is dominating the market share of global smart toys market owing to the demand for smart toys in the region is being driven by the increasing usage of smart home technology. According to a report by Acquity Group, 30% of Americans now own smart IoT devices, and the demand for in-home smart products is rising. There is an increasing need to update current software and alter AI security parameters. This is supported by the high safety and improvement standards that the governments of North American nations have implemented for smart toys.
However, Asia Pacific region is anticipated to grow over the next few years of global smart toys market owing to the significant investments in 3D printing and AI sensing technology, are responsible for this expansion. China is the top revenue-producing nation in the Asia Pacific market for smart toys. The burgeoning digitization trend, the rising popularity of smart toys, and rising R&D department expenditure are the key causes of this region's strong growth. Increasing launches of new brands by key players and an increase in the number of smart toys start-ups in the region are projected to boost market growth.
LIST OF KEY COMPANIES PROFILED:
- Wonder Workshop, Inc
- Dream International
- Hasbro
- Indiegogo, Inc.
- Jakks Pacific
- Kids II Inc.
- KNEX Industries Inc.
- LeapFrog Enterprises Inc.
- Lego System A/S
- Mattel Inc.
- Peguino Ltd.
- Pillar Learning
- Playmobil
- Robofi LLC
- Sphero, Inc.
- Sega Toys Co. Ltd.
- Tomy Co. Ltd.
- Others
KEY INDUSTRY DEVELOPMENTS:
- May 2021- To introduce Applaydu, the Kinder company teamed together with Oxford University and Gameloft. Through augmented reality, this innovative app brings Kinder Joy toys to life in a universe of exploration and fantasy. In addition, the app provides stories, activities, and chances for discovery and creativity.
SEGMENTATION
By Product
- Voice/Image Recognition Toys
- Educational Robots
- App-enabled Toys
- Others
By Technology
- Wi-Fi
- Bluetooth
- Others
By Distribution Channel
- Offline
- Online
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Smart Toys Market Size
- July-2022
- 1 4 0
- Global
- Retail
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