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Connected Toys Market – 2022 by Revenue Analysis, Regions, Size, Share, Forecast to 2028 | by Lego Group, Nintendo Co Ltd, Mattel Inc

New Jersey, United States – Analysis of Connected Toys Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

At a predicted CAGR of 20.9% during the forecast period, the market for connected toys is expected to increase in size from USD 8.0 billion in 2022 to USD 20.7 billion by 2028. The desire for connected toys has been spurred by kids’ growing preferences for toys that are more interactive and self-engaging. By providing information that enables parents to better understand the activities their children are involved in and build links from play to parent-child conversations, connected toys enable parents and families to monitor and participate in the children’s development.

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We are now more connected than ever thanks to the Internet of Things. Our smartphones provide unlimited access to practically everything, including banking, GPS, social networking, everyday phone, and text communication, online shopping, and more. In the last ten years, technology has advanced beyond our screens. Our homes, automobiles, and children’s connected toys all contain it. IoT devices have significant advantages for parents and carers. The amount of time heterosexual couples spend with their children at home while also working has decreased throughout time due to changes in work culture.

The rising use of STEM (science, technology, engineering, and mathematics) connected toys worldwide will accelerate the expansion of the linked toys business. The application programming interface (API) for linked toys is improving, making them more engaging and interactive. The connected toys market prognosis for linked connected toys will undoubtedly improve as mobile devices as smartphones and tablets become more widely used and as internet users rise. The number of kids and parents who are fascinated by the promise of the internet of things, which can successfully mix education and enjoyment while also allowing parents to keep a close eye on their children, is growing in the toy sector. Crayola Chemistry Set, a collection of instructions and guidelines for 50 science projects, is one such item that keeps kids interested in chemistry through the use of art and color.

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Segmentation

Toy vendors can communicate with their customers in a variety of ways through the offline distribution channel for linked toys. One of the most popular ways for suppliers of connected toys to get in touch with regional distributors and retailers is by taking part in trade exhibitions. To successfully enter a market, exporters must establish cooperative relationships and comprehend the needs of regional distributors and merchants, which may be challenging to perform through a sole online route. A wide variety of domestic and international brands are available for consignment at department stores, which serve a wider range of clientele.

A speaker, a microphone, and an application to process the data are frequently included in connected toys. These toys typically have Bluetooth, Wi-Fi, or other built-in networking features and can connect to the internet. To give users a more individualized experience, connected toys capture data and store it in databases outside of the actual device. Future demand for connected toys will be fueled by features like direct communication, real-time monitoring of kids’ activities, and a customized experience.

Regional analysis

Due to early acceptance and continued breakthroughs in AI, machine learning, and voice and speech recognition technologies, the revenue from the connected toys market in Europe could increase significantly between 2022 and 2028. This growth is also largely attributed to youngsters’ increasing use of handheld gadgets for engaging and interactive learning experiences. However, regional connected toy developers will need to adhere to the most recent regional industry standards.
With a sizable market share, North America is predicted to dominate the global market for linked toys.

The region’s quick adoption of new technologies, the incorporation of technology into a variety of learning and entertainment devices, and the widespread use of connectivity services are expected to be major growth drivers for the industry. The use of linked toys has grown significantly in the North American market, and this trend is predicted to continue through 2028. The existence of prominent players in the connected toy industry is anticipated to play a significant role in the market’s expansion in North America.

Key Players

Lego Group, Nintendo Co., Ltd., Mattel Inc., Tomy Company, Ltd., Fisher-Price, Inc., Hasbro, Inc., VTech Electronics North America, LLC., Jabil Inc., Tru Kids, Inc., LeapFrog Enterprises, Inc., Kids II Inc., Melissa & Doug, Little Tikes, K’NEX Industries Inc., and Sphero Inc.

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