Smart toys have become the latest buzzword, what with artificial intelligence penetrating an industry which is likely to never see a decline due to the booming population. There has been a wave of smart or artificial intelligence (AI) toys, ones that individuals/children can easily program themselves. Smart toys could become a new form of entertainment for all age brackets, without changing the essential purpose that toys serve- of being a form of unadulterated amusement.
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With the emergence of the internet of things (IoT), smart toys could very well be a highly potential field. Existing toys, modified to enable connectivity and artificial intelligence, and mobile applications could provide an impetus to the growth of the global smart toys market.
What factors will likely influence the market for smart toys?
The changing lifestyles of people across the globe is leading to a largely sedentary way of life. Presently, the young, infant and prepubescent population finds traditional toys outdated and boring, and is fascinated with tablets and mobile phones. This results in over-exposure to technology and digitization, leading to reduced attention toward typical or regular toys and games. A number of vendors are focusing on and heavily investing in research and development of innovations in the arena, to create a unique product portfolio. The global smart toys market, currently in an incipient stage, is predicted to command the toys industry over the coming years, with the proliferation of IoT and AI.
Smart toys are beyond educational, and provide a healthy balance of technology and entertainment. This is one of the key factors that is likely to push the overall smart toys market. These toys can also be easily monitored by guardians and parents. Smart toys are expected to encourage entertaining engagement without being harmful. While these factors are expected to fuel the market further, the low attention span of children coupled with high costs of smart toys could act as market restraints.
Which region is projected to lead the global smart toys market?
Based on region, the global market for smart toys is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, due to high rate of technology adoption and the purchasing power of individuals, North America is anticipated to lead, followed closely by Europe.
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However, based on growth rate, the region of Asia Pacific excluding Japan (APEJ), is predicted to surpass all others. With its vast population base, and high percentage of prospective consumers, the region is projected to rise at a brisk pace.
Some of the key vendors operating in the global smart toys market are SmartGurlz ApS, Spin Master Corp, Activision Blizzard Inc., Reach Robotics Ltd, and Fisher-Price Inc.