According to SPER Market Research, the Smart Toys Market is estimated to reach USD 64.84 billion by 2032 with a CAGR of 16.75%. These enable it to learn new information, behave in predictable ways, and alter its behaviour in response to environmental cues and user input. The ability of the player can generally be adjusted. Modern smart toys have a variety of input-output devices, storage devices, volatile and/or non-volatile memory, one or more microprocessors or microcontrollers, and other electronic components. It may be networked with other smart toys or a computer in order to increase its play value or educational potential. A smart toy can typically be controlled by software that is installed via an input device, such as a USB flash drive, or software that is built in the firmware. These toys provide children a personalized play experience thanks to inbuilt software that facilitates speech and image recognition, app integration, RFID technology, and web searching. For instance, CogniToys’ Dino uses Wi-Fi to stay connected and IBM Watson’s natural language processing technology to tailor its responses depending on the child’s age and skill level.
Smart Toys Market Overview:
- Forecast CAGR (2022-2032): 16.75%
- Forecast Market Size (2032): 64.84 billion
These toys provide children a personalized play experience thanks to inbuilt software that facilitates speech and image recognition, app integration, RFID technology, and web searching. For instance, CogniToys’ Dino uses Wi-Fi to stay connected and IBM Watson’s natural language processing technology to tailor its responses depending on the child’s age and skill level.
Impact of COVID-19 on the Global Smart Toys Market
The retail industry’s supply chain has suffered greatly as a result of the COVID-19 epidemic. On the market for smart toys, the COVID-19 epidemic has a big impact. The Covid-19 pandemic has affected the toy industry by increasing the number of sufferers and disrupting the supply chain. A further factor that affected the market for smart toys in the early stages of the epidemic was labour constraints. Due to social media platforms’ support and the influence of the media and TV industries during the epidemic, the sector’s growth was boosted.Severe lockdowns have been imposed across the globe as a result of the Covid-19 outbreak. As a safety precaution, the imposed lockdown has increased work-from-home activities and closed down schools and other educational institutions. During Pandemic billion students worldwide would not be able to attend school, according to the most recent statistics provided by UNESCO. Around the world, a lot of schools, colleges, and universities are closed. These developments have enhanced the likelihood that smart toys will be adopted globally as they support remote learning strategies and give kids engaging, immersive experiences.
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Smart Toys Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- App-enabled Mechanical Toys
- Health-Tracking Toys or Wearable
- Puzzle and Building Games
- Screen less Toys
- Voice or Mechanical Toys
By Distribution Channel:
- E-Commerce or Online Store
- Offline Stores
- Specialty Stores
- Toys Shops
- Middle East & Africa
- North America
- Latin America
This report also provide the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
Smart Toys Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Doctros’s Associates Inc, Dream International Ltd, Fisher Playments Toys Inc, Hasbro Inc, Konami Corporation, Leapfrog Enterprises, Lego Systems A/S, Leka Smart Toys, Pillar Learning, Playmobil, Robofi LLC, ROYBI Robot, Sanrio Company Ltd, Sega Toys Co Ltd, Tomy Company
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Sara Lopes, Business Consultant – USA
SPER Market Research