Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Connected Toys Market by Application (Education, Entertainment), Age Group (1 -5 Years, 6 -8 Years, 9-12 Years, 13-19 Years), Interfacing Device (Smartphone/Tablet and PC/Laptop), Distribution Channel, Technology and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The connected toys market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during 2023-2028
The Asia Pacific region emerges as a frontrunner in the trajectory of the connected toys market, poised to showcase the highest growth rate leading up to 2028. This dynamic surge in the Asia Pacific connected toys market is underpinned by a multitude of compelling factors. Rapid urbanization and the concurrent rise in disposable income fuel the demand for innovative play experiences.
The region's tech-savvy population further amplifies this momentum, as improving digital infrastructure paves the way for seamless connectivity. Moreover, the nexus between education and entertainment gains prominence, driven by an emphasis on children's development and learning.
The expanding middle-class demographics, coupled with the allure of licensed characters, have propelled the popularity of connected toys. Parental convenience and safety concerns underscore the inherent appeal of these toys. Government support, a growing awareness of child development, and competitive innovation further enhance the market's vibrancy in the region.
Against the backdrop of the ongoing digital revolution, connected toys are seamlessly integrated into the connected lifestyle. These toys, equipped with internet connectivity via Wi-Fi, Bluetooth, and other technologies, not only captivate young minds but also bridge the gap between entertainment and learning.
As a diverse ecosystem of key players collaborates to meet these demands, the Asia Pacific connected toys market stands as a testament to the convergence of technology and play.
By technology, the Wi-Fi segment to account for a larger market size during the forecast period.
The Wi-Fi segment in the connected toys market is driven by enhanced connectivity, access to cloud-based content, remote control, and monitoring, social play capabilities, firmware updates, data collection for personalization, easy setup and integration, seamless user experience, and future-proofing capabilities.
Wi-Fi connectivity empowers connected toys with advanced features, personalized experiences, and seamless interactions, contributing to the increasing popularity and adoption of Wi-Fi-enabled connected toys among children and parents alike.
By application, the Entertainment segment is to grow at the highest CAGR during the forecast period.
Connected toys find application in entertainment through interactive storytelling, virtual playgrounds, gaming experiences, music and dance, character interaction, collectible games, multiplayer play, creative expression, entertaining learning, and role-playing. The segment will drive the integration of AR and VR technologies, the appeal of licensed characters and brands, gamification elements, and a diverse app ecosystem.
The market study covers the Connected Toys market size across segments. It aims at estimating the market size and the growth potential across segments, including application, component, deployment, organization size, application, vertical, and region. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 208 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.3 Billion |
| Forecasted Market Value (USD) by 2028 | $24.1 Billion |
| Compound Annual Growth Rate | 20.7% |
| Regions Covered | Global |
Premium Insights
- Interactive Devices to Drive Market Growth
- North America: Education and Wi-Fi Segment to Account for Largest Market Size in 2023
- Asia-Pacific: Education and Wi-Fi Segment to Account for Largest Market Size in 2023
- Europe: Education and Wi-Fi Segment to Account for Largest Market Size in 2023
- Asia-Pacific Expected to Achieve Fastest Growth During Forecast Period
Market Overview and Industry Trends
Drivers
- Rise in Double-Income Households' Need for Monitoring and Tracking Toy Devices
- Inclination of Children Toward More Interactive and Self-Engaging Toys
Restraints
- Connected Toys Raising Issue for Privacy Concerns
Opportunities
- Increasing Awareness of the Internet and Technology
- Increasing R&D Spending on Robots and Toys
Challenges
- Negative Effects on Children's Cognitive Development
- Heightened Risks with Constant Connectivity
Market: Supply Chain Analysis
- Ecosystem
- Pricing Model of Market Players
Technology Analysis
- Artificial Intelligence and Machine Learning
- Augmented/Virtual Reality
Case Study Analysis
- Case Study 1: Sphero Robots Created Enhanced Experience in Learning Computer Science
- Case Study 2: Ntuc Lhub Trained Their Learners with Ubtech's K12 Model
- Case Study 3: Induced Problem-Solving Abilities in Children with Sphero's Littlebits
Patent Analysis
- Methodology
- Document Types of Patents
- Patents Filed, 2019-2022
- Innovation and Patent Applications
- Top Applicants
- Top Ten Companies with Highest Number of Patent Applications, 2019-2022
Company Profiles
Major Players
- Mattel
- Hasbro
- Lego
- Sony
- Vtech
- Ubtech
- Dji
- Irobot
Startup/Sme Players
- Sphero
- Digital Dream Labs
- Pillar
- Wonder Workshop
- Tosy
- Workinman Interactive
- Wowwee
- Keyi Tech
- Miko
- Makeblock
- Smart Teddy
- Intelino
- Fischertechnik
- Potensic
- Mainbot
- Ryobi
- Playshifu
For more information about this report visit https://www.researchandmarkets.com/r/hiqe3g
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