Yahoo Finance The 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. Various key players in the ecosystem have led to a competitive and diverse market. Shift toward two-working-parent households giving rise to need for monitoring and tracking toy devices and Inclination of children toward more interactive and self-engaging toys are expected to drive the adoption of the Connected Toys market in the future.
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Toys Market by Application, Age Group, Interfacing Device and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05791871/?utm_source=GNW
Connected toys enable parents and families to monitor and participate in the children’s development by delivering information that allows parents to comprehend the activities better their children are engaged in and construct links from play to parent-child dialogues. For instance, Hasbro announced the release of the app and light sabre toy combination Star Wars Lightsaber Academy in February 2019. The Bluetooth-enabled app uses motion tracking to record and examine children’s behavior. To facilitate real-time training and performance evaluations, audio feedback is provided using the information obtained in this way.
By interfacing device, smartphone/tablet segment to account for larger market size during forecast period
The toys connected through smartphones/tablet are linked to a smartphone that can be controlled through a remote network infrastructure.At times, these toys use sophisticated sensor-based technologies to collect information from children and cloud-based platforms and process this information through real-time interactions.
This cloud-based process relies on algorithms that can simulate human intelligence and deliver more personalized or individualized responses to children.For instance, Dash and Dot, developed by Wonder Workshop, are two learning robots that react to voices and can be operated intuitively by children.
They can be coded via apps and smartphones. Dash is promoted as “the first real robot friend for kids” and Dot as a “smart robot.” These toys are recommended for children over 6 years of age.
• By application, Entertainment segment to grow at highest CAGR during forecast period
Giving a child entertainment connected toys and playing with them enables a parent or guardian to bond with the child while having fun.Toys and games also play a vital role in a kid’s development along with education.
Childhood is the time when abilities and interests emerge in a kid.A 5-year-old who listens to music may develop interest in piano; a 4-year-old who enjoys story time may develop an interest in reading.
Physical abilities such as large and fine motor skills are refined during child development. Innovative use of technology in toys has ensured hours of fun for every age group.
Asia Pacific to register highest growth rate during the forecast period
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.
With the average income rising at a rate of 7–10% annually in countries such as India and China, industry players are betting big on these countries.High-tech electronic toys have become increasingly popular in recent years.
Interactive, electronic toys with relatively high technology content have emerged as mainstream items.
Breakdown of primaries
The study contains various industry experts’ insights, from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 18%, Tier 2 – 9%, and Tier 3 – 73%
• By Designation: C-level – 9%, D-level – 18%, and Others – 73%
• By Region: North America – 55%, Europe – 9%, Asia Pacific – 36%
The major players covered in the Connected Toys report 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), and 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.
Research Coverage
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 Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the global Connected Toys market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05791871/?utm_source=GNW
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