The global smart toys market is projected to be driven by rise in demand for internet of toys and increasing technology friendly users.The toy industry has adopted high tech advances which helps in the development of kids with the help of educative learning methods through smart toys. Internet of toys refers to a future where toys not only relate to children but are wirelessly connected to each other. Existing toy companies and start-ups are eagerly innovating in this area, as this could become the largest market for them with increasing number of customers. This could also help in the development of science, technology, engineering and mathematics (STEM) skills of students. Hence, internet of toys drives the smart toys market.
Additionally, technological advancement in toys is happening across industries, and the benefits are revolutionary for companies with greater consumer attraction. However, consumers are concerned about data security breaches and non-transparent terms & conditions, which they have to accept in order to access or unlock complete features of the game. These act as restraints for the growth of the smart toys market. The global smart toys market is anticipated to reach US$ 69,932.5 million by 2026 at a CAGR of 36.4% during the forecast period.
Growth in the smart toys market is coupled with quick delivery of toys and making the product available in both online and physical platforms, to gain competitive advantage. This can be made possible through efficient supply chain management systems. Moreover, increase in the number of internet users along with rise in popularity of smartphones and tablets has contributed to the surge in awareness about smart toys.
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The online sales channel has become the most popular among consumers across all regions, which is due to the discounted prices and offers that are mostly available online unlike physical stores which offer discounts usuallyin festive seasons or on special occasions. Also, it has been observed that customers find it more convenient to research about a product online, before making a purchase.
Several strategies and approaches have been established to increase the revenue of smart toys over the years, with technological alliances considered to be one of the most promising strategy. Alliances and collaborations are beneficial for both the parties i.e. the technology providers as well as leading players in the toy industry. However, concerns related to data security are on the rise as there are many examples regarding data privacy, security breaches, and a few cases of data breach. Hence, in order to deal with these issues, toy industry players may opt for alliances with tech giants to come up with technologically advanced and secured smart toys. For instance, as Apple, Inc. is well known for its uncheckable servers and significant technological advancements, toy manufacturers form alliances/ integration with Apple or any other tech firm.
Vertical Integration is one of the key business opportunities in the smart toys market. Since toy manufacturers are highly dependent on retailers for the distribution of their products, even a single hiccup could turn the table. A major incident is the bankruptcy of Toys R Us (a U.S. based retailer), which impacted the profits of all the major players in the market. Vertical integration is a great opportunity for the smart toys market. For instance, GP TOYS, a Hong Kong based toy company marks itself out from its larger rivals Mattel, Hasbro, and Lego as it is vertically integrated. According to the management, the key reason for its success is the importance of not only designing and distributing its own toys, but owning its production facilities and shops, which means that the company is involved in every stage of the process and hence is accountable for all the profits.
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The global smart toys market has been segmented based on toy type, interfacing device, technology, distribution channel, and age group. The toy type segment has been classified into app- enabled mechanical toys, voice/ image recognition toys, screen less toys, toys-to-life, puzzles, and building games, and health tracking toys/ wearable. The interfacing device segment is categorized into smartphone-connected toys, tablet-connected toys, console-connected toys, and app-connected drones.
In terms of technology, the market has been divided into Wi-Fi, Bluetooth, and RFID/ NFC. Based on distribution channel, the market has been bifurcated into online market, specialty stores, and toy shops. The market in terms of age group is segmented as 2-5 years, 6-8 years, 8-12 years, teenagers, and adults. The report provides in-depth segment analysis of the global smart toys market, thereby providing valuable insights at the macro as well as micro levels.