A
fresh market study by the researchers at Transparency Market Research
(TMR) reports that the global smart toys market is heavily dependent
on product innovation, and that an increasing number of players are
venturing into the competitive landscape, eating out significant
chunk of the total shares. That being said, a few companies do hold a
respectable position in the global smart toys market, such as
Activision Blizzard Inc., Fisher-Price Inc., The Hasbro Inc.,
LeapFrog Enterprises, Inc., Spin Master Corp, Seebo Interactive Ltd,
Wow Wee Group Ltd, Genesis Toy Co. Ltd, Reach Robotics Ltd, and
SmartGurlz ApS. While Activision Blizzard is a little ahead of the
curve, Hasbro is concentrating on revisiting the most popular toys
and games. LEGO too has made heavy investments for research and
development in the recent past to emerge as a notable competitor in
the global smart toys market.
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Nascent
Market Has Strong Potential for Product Innovation
The
demand in the smart toys market, a sector born out of industrial and
technological convergence, is projected for an impressive CAGR during
the forecast period of 2017 to 2022. However, the market for smart
toys is still at its early stage, with Sphero BB8 App-Enabled Droid
being the only one that has achieved broad consumer appeal in the
toys to life segment. In the near future, currently ongoing R&D
efforts by the market leaders is expected to bear fruits and newer
products are anticipated to make an impression on a wider population.
That is when the demand in the global smart toys market will witness
an escalation.
Based
on toy-type, the global smart toys market gains maximum demand for
voice or image recognition toys, accounting for US$2,271.7 mn in 2017
and projected for a CAGR of 3.7% during the forecast period of 2017
to 2022. This segment is growing at US$ 89.7 mn annually over the
course of the forecast period, and this absolute growth is larger
than the any other segment, viz.
App-enabled
mechanical toys, screenless toys, toys-to-life, puzzles and building
games, health tracking toys, wearables, and others. North America is
identified as the most lucrative regional market for smart toys,
promising a revenue worth US$2,119.2 mn by 2022. On the other hand,
the demand for smart toys in the region of Asia Pacific expect Japan
(APEJ) is anticipated to expand at an above-average CAGR of 3.9%
during the same forecast period.
Increased
Disposable Income of Urban Population Driving Demand
Urban
population is growing increasing inclined towards restless lifestyle
and while they have managed to add to their disposable income, time
for personalized parenting is diminishing. Smart toys utilize
artificial intelligence, and are punctuated with microprocessors,
input and output devices, and volatile or nonvolatile memory units.
Smart toys goes beyond just being educational toys, as they can
recognize speech as well as react to their surroundings in order to
provide a comprehensive entertainment and engagement to children
between the age group of five to 14. The growth of the global
smart toys market is also a reflection of increasing
awareness towards the smart toys and the availability of diverse
indoor and outdoor sports and educational toys. On the other hand,
high cost of these products, the lack of awareness among large
masses, particularly in the emerging economies, regulatory issues for
overseas distribution, and impending innovations are some of the
challenges that are hindering the prosperity of the global smart toys
market.
The
emergence of the Internet of Things (IoT) is having tremendous
positive effect on the global smart toys market too. With IoT, modern
toys are increasingly becoming a potential area wherein connectivity
and existing toy types can be collaborated together to innovate
appealing new devices, referred to as connected or ‘smart toys’.
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