New York, NY, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Toys Market By Type (Screenless Toys, App-Enabled Mechanical Toys, Voice or Image Recognition Toys, Health-Tracking Toys or Wearable, Toys-To-Life, Puzzles, and Building Games, and Others), By Technology (Wi-Fi, Bluetooth, RFID or NFC), By Distribution Channel (Toy shops, E-Commerce Or Online Stores, Offline Stores, Specialty Stores, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global smart toys market was valued at around USD 3,870.00 million in 2017 and is expected to reach approximately USD 5,410.00 million by 2024, growing at a CAGR of around 4.77% between 2018 and 2024.
Smart toys are also known as connected toys which are used for playing purpose; these toys are connected to the internet or cloud. Smart toys having unsecured connectivity are serious risks to the children who play with them. Privacy issues may hamper the overall growth of smart toys market in the forecast period.
Browse through 105 Tables & 45 Figures spread over 110 Pages and in-depth TOC on “Global Smart Toys Market: Industry Size, Share Analysis & Forecast, 2017 – 2024”.
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The global market for smart toys is growing at a significant CAGR. The growth of the smart toys market is primarily due to the growing awareness of technology, internet, etc. which encourages children to play with them. This will enhance the growth of the global market for smart toys within the forecast period. Moreover, changing lifestyle, advancement in artificial intelligence drives the smart toys market. Increasing urban population and rapidly growing smart toy consumers in emerging countries such as China and India are the key factors projected to fuel the growth of the smart toys market during the forecast period. Security and privacy become the main concern for smart toys market. Government policy on the value and the price of the products may hinder the global smart toys market growth over the forecast period.
The global smart toys market can be segmented on the basis of type, technology, and distribution channel. The type category includes app-enabled mechanical toys, screenless toys, voice or image recognition toys, puzzles and building games, toys-to-life, health-tracking toys or wearable, and others. Increasing demand for app-enabled mechanical toys is projected to experience high CAGR during the forecast period. Voice or image recognition toys segment accounted for 31% market share in 2017. Depending on the technology, smart toys market is classified into Wi-Fi, Bluetooth, RFID or NFC. Advancement in technology to develop innovative and interactive toys fuels smart toys market growth in coming years. Distribution channel segment includes toy shops, e-commerce or online stores, offline stores, specialty stores, and others. The toy shop segment dominated the global smart toys market in 2017. Offline stores include mass stores, supermarkets, etc. Consumers most possibly select offline stores sector that is looking for smart toys. Growing awareness about e-commerce and online sales also sets a notable impact on smart toys market. It is anticipated to account for the highest CAGR over coming years.
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Smart toys market is mostly segmented into North America, Europe, Asia Pacific, Latin America, and the MEA. Among the abovementioned regions, Asia Pacific smart toys market is anticipated to be the fastest growing market between 2018 and 2024. Rapid urbanization and the increased adoption of wireless technology are some of the important driving factors for the Asia Pacific smart toys market within the forecast period. In the Asia Pacific, China smart toys market is estimated to boost with a speedy rate over the forecast period.
North America is the leading region in the global smart toys market with a major market share in terms of revenue in 2017. High technological advancement in developed countries such as Mexico and the U.S. are contributing to the growth of the market for smart toys with the high production. North America smart toys market is expected to dominate the global market over the forecast period attributed to the increasing safety issue.
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Europe is anticipated to be the second largest regional market for smart toys with high penetration and is expected to be more profitable over the years in terms of revenue owing to high investment by the market players. Additionally, the stringent regulations and norms of government regarding the privacy issue of toys are anticipated to restrain the growth of the Europe smart toys market within the forecast period. Nevertheless, increasing children’s safety and stringent regulations for the industry is expected to fuel the growth of smart toys market in the regions in near future.
In Latin America, the smart toys market is projected to show stable growth rate over the forecast period. Rising urban population coupled with high demand for wireless technology, Bluetooth connected smart toys, etc. is anticipated to enhance the growth of the market for smart toys in the near future.
Browse the full "Smart Toys Market By Type (Screenless Toys, App-Enabled Mechanical Toys, Voice or Image Recognition Toys, Health-Tracking Toys or Wearable, Toys-To-Life, Puzzles and Building Games, and Others), By Technology (Wi-Fi, Bluetooth, RFID or NFC), By Distribution Channel (Toy shops, E-Commerce Or Online Stores, Offline Stores, Specialty Stores, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/smart-toys-market
The Middle East and Africa smart toys market are anticipated to account for considerably low-value share along with moderately low growth rate over the forecast period.
The report includes detailed profiles of key players operating in the global smart toys market such as Dream International Ltd., Integrity Toys, Inc., JAKKS Pacific Inc., Fisher Playmates Toys, Mattel, Inc., Leap-Frog Enterprises Inc., TOMY Company Ltd., Kids II Sanrio Company Ltd., Konami Corporation, and others. The description of the company includes parameters such as company key developments, overview, business strategy, and financial overview of the company.
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This report segments the Global Smart Toys market as follows:
Global Smart Toys Market: Type Segment Analysis
Global Smart Toys Market: Technology Segment Analysis
Global Smart Toys Market: Distribution channel Segment Analysis
Global Smart Toys Market: Regional Segment Analysis
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