According to a new market report titled “Smart Toys Market” published by Transparency Market Research, the smart toys market (North America, Europe, Asia Pacific, Middle East & Africa, and South America) is projected to reach US$ 69,932.5 Mn by 2026 driven by increased popularity of the concept of internet of toys. The market is projected to expand at a CAGR of 36.4% during the forecast period from 2018 to 2026. Growth of the market is attributed to rise in demand for high technology toys and games which could help in children’s education and learning. North America is anticipated to lead the smart toys market, followed by Europe and Asia Pacific, during the forecast period. The smart toys market is at an emerging stage and is anticipated to expand rapidly in the next few years.
Internet of Toys to Drive Market
Internet of toys refers to a future where toys not only relate to children but are wirelessly connected to each other. Existing toy companies and start-ups are eagerly innovating in this area, as this could become the largest market for them with increasing number of customers. This could also help in the development of science, technology, engineering and mathematics (STEM) skills of students.
Many countries are willing to adopt strategies to make their students learn with the help of interactive games and toys. For instance, one of the challenges in Australia is that the demand for workers with STEM skills is increasing, but the performance and engagement of students in science and math is falling. Internet of toys could help science teachers through real astronomy research practices in collaboration with scientist mentors as part of professional development of the students.
Internet of toys as a driver accounts for medium impact on this market, as it is an ongoing process and would take some time due to the large investments and R&D involved.
Smart Toys Market: Scope of the Report
The smart toys market has been segmented based on toy type, interfacing device, technology, distribution channel, and age group. Within the toy type segment, app-enabled toys are expected to dominate the global market in 2018. App-enabled toys are one of the most popular segments that have contributed largely to the growth of the market.
North America led the smart toys market, accounting for substantial share in 2017. Canada is the major market for smart toys in the region. The smart toys market in Europe, Asia Pacific, Middle East & Africa, and South America are also expected to expand during the forecast period.
Smart Toys Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global smart toys market. Key players profiled in the report include Hasbro Inc., Sony Corporation, Jakks Pacific Inc., Mattel Inc., The Lego Group, Playmobil, Kids II, Inc., KNex Industries Inc., Konami Corporation, and Leapfrog Entertainment.