According to MarkNtel Advisors study the Global Smart Toys Marketsize is estimated to grow at a CAGR of around 15.4% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Smart Toys market
Global Smart Toys Market Driver:
Rising Preference of Educational Learning Toys Among Consumers – The rising inclination of parents toward educational toys for their children has been supporting the growth of the smart toys market in recent years. This has been primarily attributed to the rising awareness among parents regarding the importance of childhood education, and the strong memories created during this age. These factors have led to a strong desire among consumers to provide educational toys to their children at the right age to improve their cognitive skills. Moreover, in response to this consumer trend, companies have initiated the expansion of their educational smart toy offerings to meet the growing demand in the market. For instance,
- In 2023, Sony Group Corp. introduced its Toio programmable robotic toy in China, aimed at nurturing creativity and imagination in children from kindergarten to primary school and educational institutions, as part of their expansion in the STEM education market.
Hence, as companies develop better educational toys, it is expected to lead to the expansion of Global Smart Toys Market in the coming years.
Global Smart Toys Market Challenge:
Privacy & Security Issues in Internet-Connected Smart Toys – The internet-connected smart toys have been posing a significant challenge related to ensuring the privacy and security of children. Owing to this, their adoption has been significantly hampered among consumers over the past few years. Also, these toys, while providing novel ways of play, have been raising concerns about data collection and privacy infringement. Whether through the consent of parents or children, these toys have been capable of gathering and sharing user information, ultimately compromising privacy and security.
Moreover, these devices are part of the larger Internet of Things (IoT), connecting digital and physical entities to access new applications and services. They are able to listen to voices geo track children’s locations, etc., which may pose a significant challenge to the security of the child. This connection extends to various smart toys, including those with cameras and microphones, potentially recording and transmitting sensitive information. Hence, the issues related to security are projected to affect the market’s growth in the coming years as well.
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Scope of the Report and Smart Toys Market Segmentation:
By Technology
- Wi-Fi- Market Size & Forecast 2019-2030, USD Million
- Bluetooth- Market Size & Forecast 2019-2030, USD Million
- Others (RFID, NFC, etc.)- Market Size & Forecast 2019-2030, USD Million
By Distribution Channel
- Online- Market Size & Forecast 2019-2030, USD Million
- Stores- Market Size & Forecast 2019-2030, USD Million
By Age Group
- 2 to 5 Years- Market Size & Forecast 2019-2030, USD Million
- 6 to 8 Years- Market Size & Forecast 2019-2030, USD Million
- 9 to 12 Years- Market Size & Forecast 2019-2030, USD Million
- >12 Years- Market Size & Forecast 2019-2030, USD Million
By Application
- Entertainment- Market Size & Forecast 2019-2030, USD Million
- Education- Market Size & Forecast 2019-2030, USD Million
Among them, the education segment has emerged as a dominant application in recent years.
Smart Toys Market Development:
- 2023: WowWee Group Limited Unveiled Dog-E, a one-of-a-kind robot dog, which has a multitude of customizable options, including colorful lights, sounds, and personality traits. This app-connected smart robot dog features lifelike movements, audio sensors for sound recognition, touch sensors on its head, nose, and body, and a tail with persistence of vision (POV) technology to display icons and messages for communication.
- 2023: Pilot Laboratories, Inc. introduced the Scout E Robot, a versatile creation designed for children, adults, households, and businesses. This multifaceted robot is equipped with a high-definition FHD1080P video camera, a microphone, and speakers, which can traverse various environments. Notably, it offers a secure peer-to-peer connection, enabling users to access and control the robot remotely from anywhere across the globe.
Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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