Global Connected Toys Market Overview
The key driver impacting the connected toys market is the growth in the adoption of Science, Technology, Engineering, and Mathematics (STEM) toys due to various advantages associated with stem toys. For instance, it supports original thought and advances cognitive learning at a rapid pace, makes education and learning a fun activity for kids, and improves hand-eye coordination and motor skills considerably. Moreover, the widespread and easy availability of connected Platforms contributes to the high-performance truck's market growth in the coming years.
According to Value Market Research, the global connected toys market size was valued at around USD 5350 million in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period 2021 to 2027.
The expanding toy industry with the rise in the number of children and parents enthralled with the potential of the internet of things is likely to augment the connected toys demand in the forecast period. However, the high cost of connected toys may hamper the market in the long run. Also, the increased risks associated with constant connectivity negatively impact the market. The current industry trends, such as raising awareness of the internet and technology and rising R&D spending on robots and toys, are expected to offer several lucrative market opportunities for the key players.
The Connected toys market is vast, with many local and global players. The Connected toys market is extensive, with many regional and international players. The key market leaders follow numerous strategies to climb their market status, such as acquisitions, extending product base, contracts, expanding product portfolio, amalgamation, product upgrades to increase their market share worldwide. The important players studied in the report include Mattel, LEGO Group, Hasbro, Sphero, Sony, and Leka.
Global Connected Toys Market Share by Region (Representative Graph)
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In this research report, the connected toys market is segmented by interacted devices and region.
Analysis by Interacted Devices:
By interacted devices, the report is categorized into smartphone-connected devices, app-connected drones, console-connected toys, and tablet-connected toys. The smartphone-connected devices segment dominates the interacted devices segment with over 60% in the forecast period. It is due to the growing adoption of smartphones all across the globe. Moreover, the enhanced network infrastructure and sensor-based technologies contribute to the smartphone-connected devices segment growth in the forecast period.
Analysis by Region:
In the regional outlook of the global connected toys market, the North America region dominates globally with a 25% market share in the forecast period. It is due to the early adoption and innovative initiatives for connected toys, such as Artificial Intelligence (AI), Machine Learning (ML), and voice and speech recognition. Moreover, the availability of a highly skilled workforce, high funds opportunities, a conducive environment for innovation, and a widespread customer base contributed to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Interacting Device
- Smartphone-connected Devices
- App-connected Drones
- Console-connected Toys
- Tablet-connected Toys
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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