Global Smart Toys Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Smart Toys Market Introduction:

"The Smart Toys Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Smart toys are the toys which are useful for children to play and are also known as connected toys which are connected to internet or cloud. These toys are used for education purposes or learning. Smart toys are modern-day toys which possesses artificial intelligence, and consist of microprocessor, volatile or non-volatile memory units. Modern-day smart toys are incorporated with speech synthesizers and speech recognition which can be implemented in hardware and software.

Increasing number of working women population, which is resulting in comparatively lesser time for parenting from the recent past is the major factors expected to drive growth of the global smart toys market.

In addition, increasing disposable income among middle-income groups and increasing technological advancements to develop innovative and interactive toys are other factors expected to drive the growth of the global smart toys market. Furthermore, the availability of various types of smart toys for indoor & outdoor sports, adoption of smart toy for educational purposes, increased standards of living are expected to drive revenue growth of the market.

However, high cost of these toys are major factor expected to restrain growth of the global target market. In addition, lack of awareness about these toys among developing economies, which is expected to hamper growth of global smart toy market to certain extent.

Trends:

Many players in the market are focusing on developing and manufacturing of new products to attract the consumers to use these products across the globe. Due to growing demand of smart product, the industries are investing in the global smart toys for research and development activities to encourage the target market growth. These are the trends observed in the target market, currently.

Regional Analysis:

North America market is estimated to account for highest revenue share in the global smart toys market over the forecast period, owing to rising disposable income and busy lifestyle among the people in countries in the region. Asia Pacific market is expected to account for the second-highest revenue share in the global smart toys market, due to increasing disposable income among consumers in the countries in the region. The market in Europe is projected to register fastest growth rate in terms of revenue due to rising urban population and increasing number of smart toys manufacturing companies in the countries in the region. Moreover, the markets in Europe, Latin America and Middle East & Africa are expected to significant moderate growth revenue in the global smart toys market over the forecast period.

Global smart toys market segmentation:

By product type:

• App-Enabled Mechanical
• Voice or Image Recognition
• Screen less
• Toy-to-Life
• Puzzles and Building Game
• Health Tracking or Wearable

By interfacing devices:

• Smartphones
• Tablets
• Consoles
• Drones

 By wireless communication technology:

• Wi-Fi
• Bluetooth
• RFID or NFC

 By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa