Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "Connected Toys Market by Application (Education, Entertainment, Other Applications), Age Group (1 -5 Years, 6 -8 Years, 9-12 Years, 13-19 Years), Interfacing Device (Smartphone/Tablet and PC/Laptop) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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. The shift toward two-working-parent households giving rise to the need for monitoring and tracking toy devices and the Inclination of children toward more interactive and self-engaging toys are expected to drive the adoption of the Connected Toys market in the future.
Connected toys enable parents and families to monitor and participate in their 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 saber 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 devices, the smartphone/tablet segment to account for a larger market size during the forecast period.
The toys connected through smartphones/tablets 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, the Entertainment segment is to grow at the highest CAGR during the 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 an 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.
The Asia Pacific to register the 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.
Market Dynamics
Drivers
- Shift Toward Two-Working-Parent Households Giving Rise to Monitoring and Tracking of Toy Devices
- Inclination of Children Toward Interactive and Self-Engaging Toys
Restraints
- Connected Toys Raising Privacy Concerns
Opportunities
- Increasing Awareness of the Internet and Technology
Challenges
- Negative Effects on Children's Cognitive Development
- Heightened Risks with Constant Connectivity
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Connected Toys Market, by Application
7 Connected Toys Market, by Age Group
8 Connected Toys Market, by Interfacing Device
9 Connected Toys Market, by Distribution Channel
10 Connected Toys Market, by Technology
11 Connected Toys Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent/Related Markets
15 Appendix
Companies Mentioned
- Digital Dream Labs
- DJI
- Fischertechnik
- Hasbro
- Intelino
- Irobot
- Keyi Tech
- Lego
- Mainbot
- Makeblock
- Mattel
- Miko
- Pillar
- Playshifu
- Potensic
- Roybi
- Smart Teddy
- Sony Corporation
- Sphero
- Tosy Robotics
- Ubtech
- Vtech
- Wonder Workshop
- Workinman Interactive
- Wowwee
For more information about this report visit https://www.researchandmarkets.com/r/dzvx0z
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