Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Smart Toys Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global smart toys market has grown exponentially in recent years. It will grow from $17.32 billion in 2023 to $20.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to shifting consumer preferences towards personalized experiences, expansion of e-commerce companies, proliferation of mobile devices, increased popularity of digital entertainment and gaming, consumer awareness and acceptance.
The global smart toys market is expected to see exponential growth in the next few years. It will grow to $45.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rise in edutainment, increasing popularity of connected toys, parental empowerment, increasing demand for app-enabled mechanical toys, rising demand for interactive and engaging toys. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR), voice and gesture control, interconnected play, AI-powered playmates, expansion of 3D printing technology and proximity sensors in toys.
The anticipated growth in the smart toys market is driven by the increasing awareness of technology-led education. Technology-led education involves integrating instructional technology into the school learning environment, making learning more engaging and enjoyable for children. The educational value associated with smart toys has led to the introduction of more advanced e-learning technologies featuring enhanced voice recognition features and hardware sensors, making the products more intelligent, interactive, and dynamic. According to thinkimpact.com, an Australia-based non-profit organization, in 2021, nearly 75% of schools planned to operate online, 57% of all US students were equipped with digital tools, and 80% of schools either purchased or were preparing to purchase additional technology for students. This rise in awareness of technology-led education is expected to contribute to the growth of the smart toys market as it enhances children's IQ and promotes problem-solving skills.
The expected increase in the number of IoT-linked devices is another factor set to boost the smart toys market. IoT-linked devices, referring to nonstandard computing devices wirelessly connected to a network, have the ability to transmit data. The integration of these devices with smart toys enhances their functionality and interactivity, providing new possibilities for learning and entertainment. This integration makes smart toys more appealing to both parents and children, thereby driving market growth. According to a report by Ericsson, a Sweden-based telecommunications company, broadband IoT (4G/5G) reached 1.3 billion connections in 2022, with nearly 60% of cellular IoT connections expected to be broadband IoT connections by the end of 2028. The increasing prevalence of IoT-linked devices is contributing to the growth of the smart toys market.
Key players in the smart toys market are focusing on developing technologically advanced products, including artificial intelligence companions, to expand their customer base, drive more sales, and increase revenue. Artificial intelligence companions, which are virtual or digital entities utilizing artificial intelligence, engage and assist users in various tasks and interactions. For example, Toymint, a Canada-based provider of toys, introduced TeddyGPT in April 2023. TeddyGPT is an AI teddy chat that offers an interactive, engaging, and educational experience for children and families. Developed by OpenAI, TeddyGPT combines the charm of a traditional teddy bear with advanced AI features, fostering interactive experiences that encourage communication, companionship, and learning beyond the capabilities of ordinary toys.
Major companies in the smart toys market are also investing in innovative products with voice recognition capabilities. Voice recognition in smart toys enables them to understand and respond to spoken commands or interactions from users. Robosen, a China-based company specializing in advanced robots, launched a Buzz Lightyear toy with conversational AI and voice recognition in September 2022. This intelligent, interactive, and programmable robot uses natural language comprehension to recognize and react to spoken commands, providing a lifelike interaction with children.
In October 2021, Goliath, a US-based manufacturer and distributor of toys and games, completed the acquisition of Endless Games, a Turkey-based game development company, for an undisclosed amount. This strategic move aims to fully integrate Endless Games into Goliath's distribution network by Q1 2022.
North America was the largest region in the smart toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Report Scope
Markets Covered:
1) By Technology: Wi-Fi; Bluetooth; Other Technologies (NFC and RFID)
2) By Distribution Channel: Online Market; Specialty Stores; Toy Shops
3) By Type: Robots; Interactive Games; Educational Robots
4) By Interfacing Device: Smartphone-Connected Toys; Tablet-Connected Toys; Console-Connected Toys; App-Connected Drones
5) By End User: Toddlers; Pre-Schoolers; School-Going; Stripling
Key Companies Mentioned: K'NEX Industries Inc.; The Lego Group; Mattel Inc.; Hasbro Inc.; JAKKS Pacific Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- K'NEX Industries Inc.
- The Lego Group
- Mattel Inc.
- Hasbro Inc.
- JAKKS Pacific Inc.
- WowWee Group Limited
- Anki Inc.
- Sphero Inc.
- LittleBits Electronics Inc.
- UBTECH Robotics Inc.
- Ozobot Inc.
- Miko (Emotix)
- Playmobil
- Fisher-Price Inc.
- LeapFrog Enterprises Inc.
- Tomy Company Ltd.
- DJI Technology Co. Ltd.
- Wonder Workshop Inc.
- Innovation First International Inc.
- Yuneec International Co. Ltd.
- Spin Master Corp.
- Botzee India Private Limited
- Siam Mandalay Co. Ltd.
- Wondermento Ltd.
- Bluebee Pals
- CogniToys
- Tinkerbots Games Ltd.
- Modular Robotics
- Pai Technology Ltd.
- Makeblock
For more information about this report visit https://www.researchandmarkets.com/r/fx00al
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