The widespread acceptance of the Internet of Things has fueled the development of smart and connected gadgets for a variety of uses. Smart toys make use of a variety of technologies, including the Artificial Intelligence, Internet of Things, Smart Devices, and others, to improve children’s learning and enjoyment experiences. This factor is likely to fuel demand in the global Smart Toys Market in the years to come.
With inbuilt software that allows speech and picture detection, RFID capability, app integration, and online searching features, these toys give a customized play experience for youngsters. For example, CogniToys’ Dino connects through Wi-Fi and uses IBM Watson’s natural language processing technology to adapt replies to the child’s age bracket and intellectual capacity. One of the key factors expected to drive growth of the global smart toys market is rising demand for STEM toys, which uses of STEM (Science, Technology, Engineering, and Math) toys for advancement of children’s skill. Through smart engagement and behavioral learning, smart toys improve professional abilities such as computing and engineering. The popularity of smart toys is likely to be boosted further as parents continue to embrace items that aid in their children’s intellectual development. SmartGurlz toy, for example, teaches girls how to program.
Rise in the number of Smartphone Users to Bolster Growth of the Market
Due to citizens’ limited buying ability as a result of the COVID-19 situation, companies in the global smart toy market are focusing on customers in developed nations to enhance product sales. Manufacturers can diversify their income sources due to the increasing proliferation of eCommerce as well as mobile shopping apps. Before spending on new manufacturing technology, they make data-driven judgments.
In order to boost product awareness in brick and mortar stores and online retailers, smart toy manufacturing companies are focused on packaging and marketing. Work-from-home environments and stay-at-home parenting are two significant trends that are expected to fuel market expansion as the epidemic continues. Due to the growing number of smartphone users, demand for smartphone-connected toys is likely to rise.
Toys are advancing technologically in a variety of ways, and the advantages are revolutionary for businesses that want to attract more customers. Consumers, on the other hand, are apprehensive about data security vulnerabilities and complex terms and conditions that they must agree in order to access or unlock all of the game’s features, such as in smartphone-connected toys. These operate as stumbling blocks to the expansion of the global smart toy market. As a result, businesses are investing more in software as well as security filters to avert security breaches.