Smart Toys Market is Anticipated to Grow at a CAGR of Nearly 15.4% During 2024-30
The integration of technology has left no industry untouched and has altered even the toys market but for better outcome. The emergence of smart toys has offered several benefits both for the children and the parents, thus leading to a tremendous rise in its market. Equipped with sensors and latest technologies, smart toys provide numerous interactive entertainment as well as educational experiences to the children. MarkNtel Advisors recently published a research report regarding this matter where they have highlighted that the Global Smart Toys Market size is likely to grow at a CAGR of around 15.4% during the forecast period, i.e., 2024-30.
The increasing choices of the consumers to opt for more engaging, interactive, and useful toy as compared to traditional toys is majorly propelling the market growth. Parents, especially the working ones are constantly seeking solutions to provide their kids with educational experiences and help them develop their cognitive abilities for which they are resorting to smart toys. Moreover, smart toys also enable the kids to spend less time on mobile screens which is another major factor leading to its market growth.
Several key market players such as TOSY Robotics, Wonder Workshop, Inc., Indiegogo, Inc., Sphero, Inc., MORAVIA Consulting Spol. s r.o., Innokind, Inc., Pillar Learning, WowWee Group Limited, Pilot Laboratories, Inc., Mattel Inc., MobilizAR Technologies Pvt. Ltd., Robo Wunderkind, Learning Resources Ltd., UBTECH ROBOTICS CORP LTD., and others are continuously coming up with innovative smart toys leading to their dominance in the Global Smart Toys Market. These companies offer the latest products to their consumers, thus helping them retain a substantial share and at the same time aiding in the overall market growth of the given industry.
Probing the Assorted Segmentation of the Global Smart Toys Market
- By Technology (Wi-Fi, Bluetooth, and Others (RFID, NFC, etc.))
- By Distribution Channel (Online and Stores)
- By Age Group (2 to 5 Years, 6 to 8 Years, 9 to 12 Years, and >12 Years)
- By Application (Entertainment and Education)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
The Education segment has appeared to have a dominant stand in the contemporary years. The availability of smart toys providing educational skills in different segments, especially coding is the major factor leading to the growth of educational segment in the Global Smart Toys Market. Moreover, the incorporation of STEM (Science, Technology, Engineering, and Mathematics) concepts in smart toy technologies has further enabled the children to cultivate crucial cognitive and problem-solving abilities. Furthermore, the educational segment in the market and the overall Global Smart Toys Market is likely to flourish in the coming years as more & more companies are constantly evolving and innovating to come up with technological advancements.
In the latest years, North America has exhibited significant growth and development in the Global Smart Toys Market. Several prominent companies are present across the region that are continuously funding the development of enhanced technology in smart toys, which is majorly propelling the Smart Toys Market in the region. Moreover, the rising involvement of parents in the workforce, especially in countries such as the US & Canada, is likely to further fuel the demand for smart toys.
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