Transparency Market Research delivers key insights on the global smart toys market. In terms of revenue, the global smart toys market is estimated to expand at a CAGR of 18.32% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart toys market.
Smart toys companies are expanding their product lines to meet the increasing demand for smart toy products. Moreover, strong product innovation among smart toys companies with newer features in smart toys is expected to boost the market during the forecast period. In addition, companies are adopting latest technologies to provide extra benefits and more comfort to clients, and also to boost their own efficiencies. All this is expected to have a positive impact on the global smart toys market during the forecast period.
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Smart Toys Market: Key Segments
In terms of product type, the app-enabled toys segment is expected to dominate the smart toys market during the forecast period. Based on growth rate, the toys-to-life segment is expected to expand at a faster rate during the forecast period. Smart toys are projected to go through rapid acceptance in the educational industry. 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.
In terms of age group, the 13 to 18 years segment is anticipated to hold major share and maintain the share during the forecast period. Vendors in the smart toys industry are increasingly integrating innovative features in existing products. With the increasing focus of vendors on offering more convenience to end users, the smart toys market is anticipated to witness a large number of innovations and product expansion.
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Smart Toys Market: Prominent Regions
Based on region, the Asia Pacific smart toys market has been categorized into China, India, Japan, and Rest of APAC. China accounted for dominant share of the APAC smart toys market in 2020 and is expected to remain dominant during the forecast period. The smart toys market is projected to be driven by rise in demand for Internet of Toys and increasing technology.
Japan is expected to register the highest CAGR in the future in the APAC smart toys market. Key players operating in the smart toys market in the region are adopting new technologies to provide quality products to their customers. Increasing promotional activities are also anticipated to have a positive impact on the market in the region.
Global Players: Key Players
Key players operating in the global smart toys market are Hasbro Inc., Sony Corporation, Jakks Pacific Inc., Mattel Inc., The Lego Group, Playmobil, Kid II, Inc., KNex Industries Inc., Konami Corporation, and Leapfrog Entertainment, among others.
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