According to a market report, published by Sheer Analytics and Insights, The global smart toys market was valued at $13.5 billion in 2021 and it is expected to reach $89.9 billion at a CAGR of 17.8% between 2022 and 2032. Children of all ages engage in interactive play when 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, developing creative ideas, and problem-solving abilities. Smart devices range from robotic companions to smart speakers that can recognize, communicate, and engage with kids. Play-to-learn interactive tablet toys and the usage of storytelling educational robots in the classroom combine to provide players and students with top-notch gaming and educational experiences. The market's leading firms are also leveraging TV media and well-known cartoon characters to leverage branded content and raise entertainment value. Through the use of social media and OTT platforms, businesses may reach a wider range of consumers. Some well-known interactive animated shows are Sesame Street and Dora the Explorer.
We are now more connected than ever thanks to the Internet of Things. Our smartphones provide unlimited access to practically everything, including banking, GPS, social networking, everyday phone, and text communication, online shopping, and more. In the last ten years, technology has advanced beyond our screens. Our homes, automobiles, and children's toys all contain them. IoT devices have significant advantages for parents and careers. The amount of time heterosexual couples spends with their children at home while also working has decreased throughout time due to changes in work culture. Furthermore, the adoption of cutting-edge technologies like smart home appliances and technologies like IoT, AI, etc. is being driven by the rise in disposable incomes among people around the world, particularly among consumers in developing economies like India, Canada, Mexico, the Middle East countries, and others.
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Newer developing technologies are constantly being created as a result of technological breakthroughs, allowing us to carry out our daily tasks with ease. The smart toy market is reporting several breakthroughs that help kids cultivate and use their imaginations. For instance, Intelino Smart Train, which encourages creative play and helps kids learn coding skills using programmable tiles and/or an application, was the winner of the first-ever smart toy awards presented by the World Economic Forum. The LEGO Group (Denmark) was also recognized as a winner for its augmented reality (AR) application, which enables children to create their music in addition to the music videos they see on television using LEGO characters and 'BeatBits' with various sound effects. Hence, these would accelerate the market growth during the forecast period from 2022 to 2032.
On the other hand, playing with toys is a favorite pastime for kids. Playing with a range of toys and games can help kids release tension and boredom. On the other side, if they spend too much time playing games and with toys, their academics may suffer and they may lose interest in them. This might also act as a barrier between the behavior, mental health, social interactions, and life skills of the kids. Additionally, in today's environment, kids enjoy playing with electronic devices and intelligent toys. As a result of their lack of social interaction, children are playing with these toys more frequently, which over time may harm their ability to think critically.
On 8th April, 2022, the popular IQ series will soon include three new editions called IQ Love, IQ Stixx, and IQ Six Pro, according to Smart Toys & Games. The centerpiece of the puzzle game IQ Love for players aged 7 and up is 10 vibrant gemstones that must fit into the board. It is designed to be portable. In the entertaining game IQ Stixx, players stack sticks; five horizontal pieces must fit on top of five vertical ones. To complete the 120 sticky challenges, players crisscross the pieces together in this portable puzzle game. The IQ Six Pro guarantees the same amount of enjoyment as the IQ Puzzler Pro, one of the most well-liked puzzles in the world, but on a hexagonal grid.
On 12th April, 2022, launched by LeapFrog are new educational toys for young children. When young children and their parents clasp hands with the toy and each other for a wonderful interactive experience, the charming My Pal Scout Smarty Paws and My Pal Violet Smarty Paws give unforgettable moments. With the introduction of first words, counting, feelings, and emotions, these new cuddly buddies also include music, games, and mindfulness exercises.
According to the study, key players dominating the global smart toys market are BrandStatter Group (Germany), Doctor’s Associates (U.S), Fat Brain Toys (U.S), Hasbro (U.S), Integrity Toys (U.S), Mattel Inc (U.S), Pillar Leaning (China), Robofi Technologies (India), ROYBI Inc (China), Sega Toys (Japan), Santio (Japan), Twin Science (U.K), Tomy (Japan), VTech (China), among others.
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The Global Smart Toys Market – by Product Types:
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