Rise in demand for Internet of toys is generating massive sales opportunities for enterprises working in the global smart toys market. This growth is estimated to persist for upcoming several years on the back of substantial growth in the number of technology friendly user base in all worldwide locations. At present, there are various types of smart toys available in the market. Voice/image recognition toys, app-enabled mechanical toys, toys-to-life, puzzles and building games, health-tracking toys/wearable, and screenless toys are some of the trending toys examples.
The enormous popularity of the Internet has made it easy for companies working in the global smart toys market to make people aware about different product options they are offering. Apart from this, the increased use of smartphones and tablets is adding up to boosting the demand opportunities for vendors operating in the global market for smart toys.
Market Enterprises Focus on Development of Technology-Driven Products
The companies engaged in the global smart toys market experience high level of competition on the back of presence of many active players. These enterprises are putting their efforts to stand out of the crowd in order to attract and maintain their customer base. To offer superior quality products, many players across the market are consistently diversifying their cash-in flow toward different research and development projects. Newer products available in the smart toys market today are increasingly technology driven. Some of the technologies used in latest products include RFID/ NFC, Wi-Fi, and Bluetooth.
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Players in the global smart toys are manufacturing the engaging products as per the age group of the users. Thus, these smart toys are not just limited for the kids with age group 2-5 years, 6-8 years, and 8-12 years. At present, companies are experiencing increased demand for smart toys with the teenagers and adults age group as well. Moreover, the companies are employing various sophisticated interfacing devices for the production of their products. Thus, users can select from a wide range of toys options such as tablet-connected toys, smartphone-connected toys, app-connected drones, and console-connected toys.
The players in the global smart toys market are showing participation in the collaboration and partnership activities. These efforts are supporting them to boost their production capabilities and regional expansion. Hasbro Inc., Jakks Pacific Inc., Mattel Inc., Sony Corporation, Playmobil, Kid II Inc., KNex Industries Inc., Konami Corporation, The Lego Group, and Leapfrog Entertainment are some of the prominent players operating in the global smart toys market.
Amid COVID-19 Pandemic, Buyers May Grow Preference toward Online Shopping
The distribution of products is a critical task in the current COVID-19 pandemic scenario. While there are many traditional ways of buying products through traditional channels such as toy shops and specialty stores, and on premise, huge customer base today is growing preference toward buying their smart toys through online market. Thus, the market players are focused on making their products easily available through online channels. In addition to this, they are focused on offering quick deliveries of their products. All these efforts are helping them attract and maintain their customer base.
North America: One of the Prominent Regions with Higher Customer-Base for Market Enterprises
On regional front, the global smart toys market is spread across many geographical regions including Europe, North America, the Middle East and Africa, South America, and Asia Pacific. Of them, North America is one of the key regions for the players in this market. Along with growing adoption of newer technologies in the region, the improved disposable income of the regional citizens is expected to work in favor of the North America smart toys market in the years to come.
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