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Smart Toys Market Size Worth USD 24.65 Billion by 2025: Hexa Research
In 2015, a cyber-attack on the Hong Kong -based company VTech Holdings, a key service provider in the digital learning market, exposed the data of 6.4 million children, Therefore, the leading smart toy manufacturing companies are increasing spending towards the inclusion of new checkpoints in their finished product forms in order to overcome the security challenges in the coming years.
New product developments are expected to play a crucial role in increasing the awareness of smart toys. Toys such as Smarty, designed for children in the 5–12 years age group answers to questions asked and puts a reminder, acts as an alarm, controls the lightings of a room and voice reads books. Also, the introduction of products such as robot dog, SuperSuit for laser tag; and ROXs to lure children is expected to remain a favorable factor over the coming years.
Toddlers segment is expected to be the fastest growing segment with a CAGR of more than 16.3% from 2017 to 2025. The rising influence of digital education among kids is expected to have a positive impact on the market in the coming years. Such games help toddlers to adopt digital learning from an early age.
Asia Pacific market is expected to witness the fastest growth with at a CAGR of more than 18.2% from 2017 to 2025. Over the coming years, vendors are expected to focus on low penetrated countries, especially in the Asia Pacific region. To this end, countries such as India and China present a considerable growth prospect for the market. Companies are expected to focus on expanding their reach through online platforms which will also help in increasing their visibility.
Some of the key manufacturers include Dream International, Jakks Pacific, Inc., Hasbro Inc., Makeblock Co., Ltd., The Lego Group, Mattel Inc., KNEX Industries Inc., UBTECH Robotics, Inc. Product innovation and portfolio expansion are key focus areas for the manufacturers in the coming years. In key growth countries such as India and China , manufacturers are expected to adopt the omnichannel strategy, which will help them in leveraging the strength of offline stores that command a major share of the distribution aspect of smart toys.
• Toddlers
• Pre-Schoolers
• School going
• Stripling
• Convenience store
• Specialty store
• Online channel
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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