Smart Toys Market Overview:
The Smart Toys industry is projected to grow from USD 21.55 Billion in 2022 to USD 107.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.71% during the forecast period (2022-2030).
Children of all ages engage in interactive play while playing with smart toys that use artificial intelligence (AI) technology. Smart toys have several potential benefits, such as helping kids with different learning activities, playing, and developing creative ideas, and problem-solving abilities.
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Key Companies in the market include,
- The LEGO Group
- Smartivity Labs
- Smart Kids Toys
- LeapFrog Enterprises Inc
- Funvention Learning Pvt. Ltd.
- Twin Science
- ROYBI Robot
- Fat Brain Toys
Smart devices range from robotic companions to smart speakers that can recognize, communicate, and engage with kids. Smart toys go beyond the primary purpose of toys, which is to amuse children, and may offer many advantages to those kids who use them. Children can develop their social skills, for instance, by playing with smart toys that respond to their actions immediately. Additionally, children who interact with smart toys get the ability to think creatively and imaginatively while employing their imaginations, stimulating discovery, and learning skills necessary to survive in the modern digital world. Additionally, some smart toys provide education in the STEM fields of science, technology, engineering, and math as programming and the fundamentals of artificial intelligence, which widen and deepen children’s investigations. They also aid in the development of motor skills, which is particularly beneficial for kids with learning disabilities.
Asia-Pacific is expected to have the fastest growth in the worldwide Smart Toys market for smart toys, primarily because of the region’s rapid digital transformation, expanding internet penetration, increased use of 5G & 4G LTE services, and other factors. The area is also one of the biggest consumers of consumer electronics, such as smartphones, tablets, and laptops, which raises expectations for the growing market for smart toys.
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The global Smart Toys market has been segmented into Type, Technology, Application, and End-user.
Based on Type, the Smart Toys market has been segmented into Robots, Interactive Games, and Educational Robots.
Based on Technology, the Smart Toys market has been segmented into Wi-Fi, Bluetooth, RFID, or NFC.
Based on Application, the Smart Toys market has been segmented into Online/Ecommerce Stores, Specialty Stores, and Toy Shops.
Based on End-user, the Smart Toys market has been segmented into Toddlers, Preschoolers, School-going, and Stripling.
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