By Credence Research, Inc., “Global Connected Toys Market(By Toy Type (App-enabled Mechanical Toys & Drones, Voice/Image Recognition Toys and Health Tracking Toys/Wearables), By Device Type (Smartphone & Tablet Connected Toys, Laptop Connected Toys and Console Connected Toys), By Connectivity Type (Wi-Fi, Bluetooth and RFID/NFC)) - Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global connected toys market is expected to witness a growth of 14.1% CAGR during the forecast period from 2018 to 2026.
Product Insights:
The global connected toys market is expected to reach US$ 69.16 Bn by 2026, growing at a CAGR of 14.1% during the forecast period from 2018 to 2026. The toy industry has been even more enchanted with the potential of Internet of Things. Connected toys have already engaged in direct communication with children, real-time tracking of children’s activities, and in storage of personal data that includes child’s name, photos and voice recordings. These toys can make learning fun for children and help parents keep track of their whereabouts. Increase in number of internet users coupled with rising popularity of various hand-held devices such as smartphones and tablets together is driving the awareness and growth of connected toys market worldwide.
On the other hand, children are vulnerable consumers who often do not understand exactly how a connected toy works and what risks it may pose. To overcome these security concerns, regulations can play an important role in achieving more secure products. For instance, in the U.S., the Children’s Online Privacy Protection Rule has been extended to smart toys. Also in Europe, the General Data Protection Regulation likely to have a positive outcome on connected toy data security and privacy.
Based on product type, app-enabled mechanical toys & drones garnered largest market share in 2017. Advances in application programming interface (API) for connected toys is expected to enhance the market growth. Based on geography, North America led the market in 2017 and is expected to remain dominant in the years to come. Growing adoption of smart technologies in the region is expected to boost the growth of connected toys market in the years to come.
Competitive Insights:
Major players in the connected toys market include Sphero, Hasbro, Sony Corporation, KidsII Inc., Playmobil, Fisher-Price, Inc., The Lego Group, Mattel Inc., K’NEX Industries Inc., LeapFrog Enterprises, Inc., Tomy Company, Ltd., and Jakks Pacific, Inc. among others. The connected toys manufacturers are adopting several strategies in order to thrive in the competitive environment. Partnerships, new product developments remain the most important strategies that are been adopted by the key players to gain an edge over others.
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