Market Research Future (MRFR) announces the publication of its half-cooked research report—Global Smart Toys Market, 2022–2030.
According to Market Research Future, the global smart toys market has been segmented based on type, technology, distribution channel, end-user, and region/country.
Smart toys embedded with artificial intelligence (AI) technology produce interactive playing experience in children from different age groups. Devices including smart speakers to robotic companions which are capable of identifying, speaking, and interacting with children, smart toys provide several probable advantages such as assist children through different learning activities, playing, develop creative ideas, and problem solving. The market for smart toys is anticipated to increase from USD 21.55 billion in 2022 to USD 107.61 billion by 2030, growing at a compound annual growth rate (CAGR) of 24.71% over the forecast period (2022-2030).
Some of the factors that drive the smart toys market comprise of rising expending power among individuals, rapid adoption of technologies to design & develop interactive toys, and surging demand for smart toys. Whereas coexistence high cost and lack of awareness are hampering this growth trend in market. However, the market is opportuned by rapid innovations in technology. Further, children's rights and privacy concern create challenges for the market.
By type, the global smart toys market has been divided into robots, interactive games, and educational robots. The interactive games segment register larger marker size and also register highest CAGR.
By technology, the global smart toys market has been separated into Wi-Fi, Bluetooth, RFID or NFC, and Others. The wi-fi segment register largest market size.
Based on distribution channel, the global smart toys market online/ecommerce stores, specialty stores, toy shops, and others. The online/ecommerce stores segment register highest CAGR.
By end-user, smart toys market toddlers, preschoolers, school-going, and stripling are sub-segments.
The global smart toys market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
By region, the global smart toys market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to contribute the largest market share across the globe owing to the rapid adoption of technologies to design & develop interactive toys. The regional market is bifurcated into US, Canada, and Mexico sub-regions. Of which, the US market accounted for the largest market share due to the presence of key players including Innokind, Inc. (US), playshifu.com (US), Fat Brain Toys, LLC. (US), ROYBI Robot (US), Mattel (US), Smart Kids Toys (US), LeapFrog Enterprises, Inc. (US), among others. North America is expected to register a largest market share owing to the surging demand for smart toys in the region. The US is expected to lead the country-level market in North America region owing to the benefits offered by smart toys in STEM (Science, Technology, Engineering, and Math) and emerging need for programming and embeding technologies including AI
Moreover, the Europe region is expected stay at the second position following North America during the review period due to the higher adoption of smart toys. On th other hand, the smart toys manufacturers operating in the region are now required to comply with the newly proposed regulation on artificial intelligence on April 21st under the name- AI Act aka the AIA which sets a scene for radical overhaul of the regulation of the digital world to put on children’s rights and design a digital world people can trust in
Asia-Pacific is anticipated to be the fastest-growing market in the global smart toys market during the forecast period mainly due to the rapid digital transformation, increasing internet penetration, rising adoption of 5G & 4G LTE services, and others. Additionally, the region is also one of the largest consumers of telecommunication and consumer devices that includes smartphones, tablets, laptops, others that enhance the expections for emerging smart
toys industry. Also, deployment of 5G services, increasing awareness and demand for STEM-oriented learning & entertainment systems is expected to boost the demand for smart toys in the near future
The key players in the global smart toys market are Innokind, Inc. (US), Twin Science (UK), APF France handicap (Leka Smart Toys) (France), playshifu.com (US), Fat Brain Toys, LLC. (US), ROYBI Robot (US), LuxAI S.A. (Luxembourg), Funvention Learning Pvt. Ltd. (India), DJI (China), Mattel (US), The LEGO Group (Denmark), Smartivity Labs (India), Smart Kids Toys (US), LeapFrog Enterprises, Inc. (US), SEGA (Japan), among others.