An interactive toy with built-in electronics called a "smart toy" since it effectively has its own intelligence. These enable it to learn new information, behave in predictable ways, and alter its behaviour in response to environmental cues and user input. The ability of the player can generally be adjusted. Modern smart toys have a variety of input-output devices, storage devices, volatile and/or non-volatile memory, one or more microprocessors or microcontrollers, and other electronic components. It may be networked with other smart toys or a computer in order to increase its play value or educational potential. A smart toy can typically be controlled by software that is installed via an input device, such as a USB flash drive, or software that is built in the firmware.
These toys provide children a personalized play experience thanks to inbuilt software that facilitates speech and image recognition, app integration, RFID technology, and web searching. For instance, CogniToys' Dino uses Wi-Fi to stay connected and IBM Watson's natural language processing technology to tailor its responses depending on the child's age and skill level.
Robots, interactive games, and educational robots are the three primary types of smart toys. A smart robotic toy is a type of toy with motors that can interact intelligently with their environment. Kids can benefit greatly from using the robotic toy's educational potential. In essence, a robot toy is a device that can be built to carry out different tasks without the aid of a human, and many even have individual personalities.
The use of STEM (Science, Technology, Engineering, and Math) toys for kids' skill development is one of the main factors driving the market demand for smart toys. By intelligent engagement and behavioural learning in smart toys, professional abilities like computers and engineering are improved. As long as parents continue to select toys that can foster their children's intellectual development, smart toys will become more and more popular. Companies like SmartGurlz Toy assist women in learning how to code.
The COVID-19 outbreak has had a severe impact on the supply chain of the retail sector. The COVID-19 pandemic has a significant effect on the market for smart toys. The Covid-19 pandemic has a negative impact on the toy sector since it has increased the number of victims and messed up the supply chain. Labor shortages were another aspect that had an impact on the market for smart toys in the early phases of the epidemic. The sector's development was aided by the assistance of social media platforms and the impact of the media and TV industries during the epidemic.
The Covid-19 epidemic has led to severe lockdowns being implemented all across the world. The enforced lockdown has resulted in an increase in work-from-home activities and the closure of schools and other educational institutions as a safety measure. Billions pupils will be unable to attend school during pandemic. Several institutions, universities, and schools all throughout the world are closed. Because they complement remote learning methodologies and provide youngsters with interesting, immersive experiences, these innovations have increased the probability that smart toys will be used globally.
Smart Toys Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Doctros’s Associates Inc, Dream International Ltd, Fisher Playments Toys Inc, Hasbro Inc, Konami Corporation, Leapfrog Enterprises, Lego Systems A/S, Leka Smart Toys, Pillar Learning, Playmobil, Robofi LLC, ROYBI Robot, Sanrio Company Ltd, Sega Toys Co Ltd, Tomy Company
Global Smart Toys Market Segmentation:
By Type: Based on the Type, Global Smart Toys Market is segmented as; App-enabled Mechanical Toys, Health-Tracking Toys or Wearable, Puzzle and Building Games, Screenless Toys, Toys-to-Life, Voice or Mechanical Toys.
By Technology: Based on the Technology, Global Smart Toys Market is segmented as; Wi-Fi, Bluetooth, RFID.
By Distribution Channel: Based on the Distribution Channel, Global Smart Toys Market is segmented as; E-Commerce or Online Store, Offline Stores, Speciality Stores, Toys Shops.
By End User: Based on the End User, Global Smart Toys Market is segmented as; Pre-Schoolers, School-Going, Stripling, Toddlers.
By Region: This report also provide the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.