Smart toys Market Size, Share, Growth, Trends, and Forecast, 2030

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Smart toys are also known as connected toys which are used for playing purpose; these toys are connected to the internet or cloud. Technology is growing very fast; smart toys are also a part of advanced technology which is gaining more popularity among children. Smart toys consist of many smart features which require an internet connection for software updates, constant connection to automate, or gives the command to operate machines. Smart toys also consist of a microprocessor, microcontroller, storage devices, input or output devices which may network together in order to enhance its value. The market growth is mainly due to technological advancement in consumer goods and service industry across the world which aids in gaining more value share for smart toys market in coming years. 

Based on the product type, the smart toys market is classified as voice or image recognition toys, app-enabled mechanical toys, screenless toys, puzzles and building games, toys-to-life, health-tracking toys or wearable, and others. Voice or image recognition toys segment accounted for the largest market share in terms of revenue in 2017. The growth of the segment is mainly due to continuous developments and increasing applications in the consumer goods industry. The demand for voice or image recognition toys has been projected to experience the highest CAGR during the forecast period. The app-enabled mechanical toys segment anticipates growing at a moderate CAGR owing to cost-effectiveness, rising popularity, and easy handling during the manufacturing process. Based on technology, the smart toys market is divided into Wi-Fi, Bluetooth, RFID or NFC. By distribution channel, the market is segmented into toy shops, e-commerce or online stores, offline stores, specialty stores, and others. App-integrated toys that can be controlled by smartphones and tablets are projected to boost the demand for smart toys in consumer goods industry in Smart/AI market. New innovations and R&D activities are anticipated to offer potential opportunities for global smart toys market.

 
By geography, North America exhibits the largest market share in term of revenue in 2017. The smart toys market growth in North America is attributed to the high adoption rate of new technology in countries like the U.S. and Canada. The smart toys market in the Asia Pacific is predicted to grow at a significant CAGR over the forecast period owing to the growing population which includes a high percentage of children. India and China are the major countries contributing to the growth of the smart toys market in the Asia Pacific. The market for smart toys in Europe is projected to show moderate growth over the forecast period. Stringent regulation of the government regarding high-cost smart toys which sustain the attention of children may restrain the growth of the Europe smart toys market. Rising urban population is anticipated to fuel the smart toys market growth in Latin America over the forecast period.

The report includes detailed profiles of key players operating in the global smart toys market such as Dream International Ltd., Integrity Toys, Inc., JAKKS Pacific Inc, Fisher Playmates Toys, Mattel, Inc., Leap-Frog Enterprises Inc., TOMY Company Ltd., Kids II Sanrio Company Ltd., Konami Corporation, and others. The description of the company includes parameters such as company key developments, overview, business strategy, and financial overview of the company.