(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 12, 2021, 05:09 /Comserve / -- Connected Toys Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The connected toys market was valued at USD 7.62 billion in 2019 and is expected to register a CAGR of 24.3% over the forecast period (2020 - 2025). In the current market scenario, connected toys are expected to gain traction rapidly. For instance, these toys provide more personalized play experience for children with the help of embedded software that can offer speech and image recognition, app integration, RFID functionality, and web searching functions, among others.
- Connected toys are multipurpose gadgets in most cases as parents program them for learning exercises and event tracker for the security of their children. For instance, CogniToys' Dino, utilizes Wi-Fi to stay connected and IBM Watson's natural language processing technology to tailor its responses as per the child's age group and skill level. The adoption of connected toys is expected to witness increased demand over the forecast period as parents always embrace products that can assist their children with developing their intellectual level.
- The adoption of STEM (Science, Technology, Engineering, and Math) toys for children's skills enhancement is one of the key factors driving the demand for the connected toys market. These connected toys are being used to enhance professional skills, such as coding and engineering. For instance, Dot Creativity Kit is an offering from the Wonder Workshop that consists of a trio of chatty robots to encourage children to get into coding. Dash (for 6+-year-olds) and Cue ( for 11+ years old) are few other connected toys.
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Key Market Trends
Smartphone Connected Toys are Expected to Witness Significant Growth
- Connected toys, also considered as smart toys, come are available in various shapes and designs. Still, all having one common element is connectivity allowing the children to interact with the toy through a smart device or smartphone. Many manufacturers have been producing toy units that can fly using nothing more than an app and a Wi-Fi or Bluetooth connection.
- With the rapid technological advancements, children's toys are already computerized and connected to the internet and will continue to witness many more upgrades in the near future. Moreover, an increase in the number of internet users, coupled with the increased adoption of various hand-held devices like smartphones and tablets, is driving the market across the globe.
- Various factors such as direct communication, real-time tracking of children's activities, and personal data storage that includes a child's name, photos, and voice recordings, which helps personalize the toys, are some of the reasons driving the app-based connected toys. For instance, in February 2019, Hasbro announced the launch of Star Wars Lightsaber Academy, an app-and-lightsaber-toy combo. The app-enabled by Bluetooth uses motion tracking to record and analyze the action of children. The information arrived at in such fashion is used to issue audio feedback to facilitate real-time training and performance scores.
- As artificial intelligence and robotics have become more affordable than the past years, the technology has been incorporated into a wide range of children's toys. This not only offers a new interactive experience to the children but also extends the life of toys with multiple features. Such innovations are expected to drive the market over the forecast period.
North America is Expected to Hold the Largest Market Share
- North America is expected to dominate the global connected toys market with a major market share. The rapid adoption of technological advancements in the region and the integration of technology in various learning and leisure gadgets and high penetration of connectivity services stand to be key factors driving the market's growth.
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- Increasing adoption of these toys among toddlers and preschoolers in the US and Canada on account of strong product awareness through e-commerce portals and print and digital media is expected to remain a favorable factor over the coming years. Various toy providers and manufacturers are making significant developments and innovations in their products and offerings, which will further contribute to the region's growth.
- For instance, in February 2019, Vtech revealed its new collection of exciting toys displayed at the 2019 North American International Toy Fair. The lineup features an expansion into the exciting robotics toy category and additions to VTech's award-winning Kidi line of children's electronics, infant, toddler and preschool lines, and the Go! Go! Smart Wheels line, which will provide innovative play experiences for kids. Also, LeapFrog Enterprises, Inc. introduced its new product lineup filled with toys that enrich children's development and make learning fun.
The connected toys market is moderately competitive due to many big and small players providing their products in multiple geographies. Major players are adopting strategies like product innovation and mergers and acquisition primarily to extend their product portfolio and stay ahead of the competition. Some of the recent developments in the market are:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Connected Toys Market
5 MARKET DYNAMICS
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