• John Watson

Global Smart Toys Market Size to grow by US$ 5.6 Bn in 2030.

The smart toys market was valued at USD 3.2 Bn in 2021. The market is projected to grow USD 5.6 Bn in 2030, at a CAGR of 2.6%.


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The surge in demand for Internet-connected toys and the rise in the number of tech-savvy users are expected to boost the global market for smart toys. The toy industry has embraced cutting-edge technology that supports children's personal growth by utilising educational learning techniques through smart toys. Toys that relate to kids and are wirelessly connected to one another are referred to as "Internet of toys." Existing toy businesses and start-ups are keen to innovate in this field since it may grow to be their greatest market as the number of customers rises. Additionally, this is probably going to help pupils strengthen their STEM skills (science, technology, engineering, and math). Consequently, the Internet of Toys has the potential to advance the smart toys in developing regions.


Consumers are being encouraged to embrace cutting-edge smart home technology and devices due to rising disposable incomes, particularly in developed economies. For instance, Jio announced plans to offer JioFiber for free for 30 days starting in 2020. The service that intends to provide customers with smart home ecosystem solutions. These trends are anticipated to accelerate the uptake of smart home appliances, further accelerating the uptake of smart toys.


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Through realistic simulations, technologies like augmented and virtual reality are assisting children in developing their imagination and thinking abilities. Additionally, it fosters creativity in the classroom and develops their leadership abilities. The usage of augmented reality (AR) games to improve children's critical thinking and reasoning abilities has a further positive impact on the market for smart toys.


Companies in the market for smart toys are focusing on consumers in developed nations to increase product sales because consumers' ability to spend money has decreased as a result of the COVID-19 issue. Manufacturers are benefiting from the rapid expansion of e-commerce and mobile shopping apps by diversifying their sources of income. Before making an investment in new production technologies, they are making data-driven judgments. Businesses in the market for smart toys are concentrating on packaging and marketing to improve product awareness in physical stores and online retailers. Key factors that are projected to propel market expansion in the midst of the continuing pandemic include work-from-home environments and stay-at-home parents. Due to the growing number of smartphone users, it is anticipated that demand for toys connected to smartphones would expand.


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KEY INDUSTRY DEVELOPMENTS:


May 2021- To introduce Applaydu, the Kinder company teamed together with Oxford University and Gameloft. Through augmented reality, this innovative app brings Kinder Joy toys to life in a universe of exploration and fantasy. In addition, the app provides stories, activities, and chances for discovery and creativity.


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