Northbrook, IL 60062 -- (SBWire) -- 08/09/2023 --The global Connected Toys Market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period, according to research report by MarketsandMarkets™.
Widespread internet access and the proliferation of smart devices will drive the connected toys market. Also, increasingly tech-savvy parents and children seek toys that offer educational content, interactive features, and seamless integration with digital devices, boosting the demand for connected toys.
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By age group, the 9-12 years segment has the highest growth rate during the forecast period.
The adoption of connected toys among teenagers is driven by factors such as their familiarity and comfort with technology as digital natives, and Teenagers are part of the digital-native generation, highly familiar with and comfortable using technology. Connected toys align with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds. It also offers educational content or opportunities for skill development, which can be attractive to teenagers seeking to learn and improve in a specific area. They interact with the screen as they play and learn.
By interfacing devices, the smartphone/tablet segment holds the highest market share during the forecast period.
The widespread ownership of smartphones and tablets has created a large and diverse user base, making these devices a convenient and accessible platform for connected toy manufacturers. The ubiquity of smartphones and tablets ensures that connected toys can easily reach a broad audience of consumers, including children, parents, and tech-savvy individuals.
North America has the highest market share during the forecast period.
The tech-savvy population in North America, characterized by a strong affinity for digital devices and experiences, is a key driver for the connected toys market. Connected toys cater to this digital lifestyle, offering interactive and engaging play options that resonate with children and teenagers in the region. Also, the region's expertise in advanced technologies contributes to developing cutting-edge, connected toys, keeping North American consumers at the forefront of interactive play experiences.
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Market Players
The major players in the Connected Toys market are Mattel (US), The key market players profiled in the connected toys market report include Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), VTech (Hong Kong), UBTECH (China), DJI (China), iRobot (US), Sphero (US), Digital Dream Labs (US), Pillar Learning (US), Wonder Workshop (US), TOSY Robotics (Vietnam), Workinman Interactive (New York), WowWee Group (Hong Kong), KEYi Technology (China), Miko (India), Makeblock (China), Smart Teddy (US), Intelino (US), Fischertechnik (Germany), Potensic (China), Mainbot (France), ROYBI (US), PlayShifu (India). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the Connected Toys market.
Key Dynamic Factors For Connected Toys Market:
The Connected Toys Market was experiencing significant growth and evolution driven by several dynamic factors.. Here are some of the key dynamic factors that were influencing the Connected Toys Market:
Technology Development: The emergence of more complex and interactive linked toys was fueled by the quick development of technologies like the Internet of Things (IoT), artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). These innovations made it possible to personalise interactions with users, improve user experiences, and seamlessly integrate with digital platforms.
Safety and Privacy Concerns: Due to the acquisition of personal information and the possibility of unauthorised access, privacy and safety concerns for kids using linked toys were of utmost importance. Manufacturers required to take strong security precautions, adhere to privacy laws like COPPA (Children's Online Privacy Protection Act), and openly disclose to parents how they handled their data.
Value for Education: Parents and teachers are increasingly looking for interactive toys that offer both entertainment and instructional value. Toys that promoted creativity, critical thinking, and problem-solving as well as STEM (Science, Technology, Engineering, and Mathematics) education gained popularity.
Content Creation and Personalization: One big trend in connected toys was the potential for kids to customise their experiences or generate their own content. A sense of ownership and creativity was fostered through games and toys that allowed players to customise their avatars, narrative, and gameplay.
Cross-Platform Integration: Play opportunities were increased by linked toys' smooth integration with other digital platforms including smartphones, tablets, and laptops. A comprehensive involvement was offered by apps and online communities that complimented playing with tangible toys.
Some connected toy manufacturers used subscription models or provided in-app fees to increase playtime and provide access to new content. While offering users ongoing involvement, this might give businesses a consistent cash stream.
Ethical Issues: As speech recognition and AI technology were incorporated into toys, debates over their appropriate uses and potential effects on children's growth and behaviour began to surface. Manufacturers had to address these issues and create toys with ethical and responsible AI in mind.
Diversity & Cultural Sensitivity: There was a rising need for connected toys that represented a wide variety of cultures, backgrounds, and experiences. Designing toys and creating stories with them started to take inclusion and representation seriously.
Regulatory Environment: The legal framework governing connected toys was undergoing change. To guarantee that their products were secure for children to use, producers had to adhere to industry-specific standards, data privacy laws, and safety requirements.
industry Growth and Competition: As more businesses entered the connected toys industry, it became more competitive. This rivalry encouraged innovation, enhanced functionality, and provided customers with a greater range of options.
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Competitive and Segmentation Analysis:
Established toy producers and tech firms specialising in IoT, AI, and AR/VR technologies were competing for market share. While digital companies brought innovation by incorporating cutting-edge technologies into their offerings, traditional toy producers were employing their knowledge in creating appealing and secure items for kids. Rapid invention was sparked by this competitive environment, leading to toys with improved interaction, educational aspects, and customised experiences.
Market segmentation was influenced by variables including technology complexity and target user demographics. While some linked toys were made with younger children in mind, focusing on sensory stimulation and simple interaction, others were made with older children in mind, offering more sophisticated features like challenging coding or challenging gaming. Segmentation by distribution channel has brought attention to the importance of both offline and online platforms for interacting with customers.
Geographically, the market for linked toys showed different rates of acceptance in various areas. These toys were adopted more quickly in developed economies where technology was more widely used, but emerging markets grew as disposable money and digital literacy increased. Regarding cultural preferences, governmental requirements, and economic circumstances, each region had its own unique obstacles and opportunities.
In conclusion, the connected toys industry was characterised by intense competition between traditional toy producers and tech firms, with items divided into categories based on the level of technological sophistication, the target age range, the distribution methods, and the geographical locations. The interaction of established firms and technology-driven disruptors facilitated ongoing innovation and market expansion. Please be aware that this data may be dated, and I suggest looking for more recent sources for the most up-to-date competition and segmentation study of the market for connected toys.
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Connected Toys Market Size Is Expected to Reach USD 24.1 Billion at a CAGR of 20.7% by 2028
This research report categorizes the Connected Toys market to forecast revenues, analyze trends, application, age group, distribution channel, interfacing devices, technology, and region.