The Global Connected Toys Market size is projected to grow from USD 8.0 billion in 2022 to USD 20.7 billion by 2027, at a CAGR of 20.9% during the forecast period, according to a new report by MarketsandMarkets™. The rising Inclination of children toward more interactive and self-engaging toys has fueled the demand of connected toys. With the help of mobile devices, excellent learning experiences can be generated. Many kids these days play with toys and technologies that can interact with them, either directly or via an internet app.
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Emerging technologies can improve wireless broadband service by providing users a more customized and personalized experience. It helps make children’s education and lifestyle interesting by introducing AI and AR/VR based solutions to toys. Toys with artificial intelligence and machine learning capabilities can collect many types of data from children. An AI-enabled toy personalizes lessons based on how quickly a child learns shapes, or a doll learns the child’s favorite ice cream flavor. The toy industry is all about bridging gap between the imagined and physical worlds. Augmented Reality provides limitless chances for consumers to experience play in interesting and novel ways.
Based on distribution channel, online segment is expected to grow with the highest CAGR during the forecast period. Online distribution of connected toys includes direct sales implemented through their website, anchor subscription through sites like eBay, or pro merchant seller through amazon. E-commerce is also an effective route for market testing and gathering essential information, such as consumer profiles, in preparation for physical market entry. Most connected toy vendors and manufacturers have explored digital marketing via online advertising and social media to promote two-way dialogue with customers
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The Connected Toys Market is expected to register a higher growth rate in North America, Asia Pacific (APAC), and Middle East and Africa (MEA). The ongoing digital transformation in various industries including retail, mining, defense, aviation, and transportation and logistics in Asia Pacific region, has dragged the attention of education industry specialists to design smart learning products for kids. A change is seen in demand for toys with improvement in the quality of life and growth in income of the urban population in the APAC region. There is a shift from traditional, medium- to low-end battery-operated toys, construction sets, and decorative toys toward innovative electronic, intelligent, and up-market plush toys.
The major players in the Connected Toys Market are Mattel (US), The key market players profiled in the Connected Toys Market report include Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), VTech (Hong Kong), UBTECH (China), DJI (China), iRobot (US), Sphero (US), Digital Dream Labs (US), Pillar Learning (US), Wonder Workshop (US), TOSY Robotics (Vietnam), Workinman Interactive (New York), WowWee Group (Hong Kong), KEYi Technology (China), Miko (India), Makeblock (China), Smart Teddy (US), Intelino (US), Fischertechnik (Germany), Potensic (China), Mainbot (France), ROYBI (US), PlayShifu (India). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the Connected Toys Market.
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Content Source: https://www.globenewswire.com/en/news-release/2022/10/18/2536066/0/en/Connected-Toys-Market-Size-is-Witnessing-to-Grow-at-a-CAGR-of-20-9-to-Reach-20-7-billion-by-2027-Report-by-MarketsandMarkets.html
