The market research made on Smart Toys is showing potential growth and is likely to be registered at 26.0% CAGR during the forecast timeline which is till 2030 at USD 107.02 billion.
Smart toys are made from the technology of AI that creates interactive playing experiences for kids that are of different age groups. Such devices consist of smart speakers till robotic companions that are best to be identified, spoken to, and even interact with kids. Smart toys offer many probable benefits like assisting kids through different learning activities, creating creative ideas, playing, and even coming up with problem-solving skills.
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The focus of the smart toys is to cater to the basic purpose of the toys which is to entertain. It can however go further which offers advantages as stated above to the kids who use it. Smart toys allow the kids to advance their social skills as they get a better response to their behavior. Also, there are smart toys that can create problem-solving skills that are crucial for kids. It indulges kids in the interaction which further boosts the cognitive process and kids thus can think in a creative way while letting their imagination be free. There are some smart toys that also offer STEM streams. This includes technology, science, math, and engineering to name some. It has also broadened the exploration of the kids. It can also help to improve their motor skills which can be useful for kids that need additional attention.
There are many factors that drive the market for smart toys. It consists of the increased power amongst the individuals along with quick adoption of the technologies for developing and designing interactive toys while surging the demand for smart toys. There is also the coexistence of high value and the lack of awareness which are affecting the growth trend in the market of smart toys. But the market is often chosen with the quick innovation that occurs in the technology. Also, the rights of the kids and other privacy concerns can cause some challenges for the market. The increase in the disposable incomes amongst the individuals across the glove especially amongst the end users in developing economies like Mexico, Canada, India, and Middle Eastern countries to name some.
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Due to the pandemic crises that occurred due to COVID-19 in China, and Wuhan and later spread across the world, there had been an unprecedented situation that government bodies had to face. For this, the focus was more on controlling the deadly virus spread. This eventually made the authorities for imposing stringent policies and that affected the demand for smart toys.
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The regional analysis made on the smart toys market shows the bifurcation is done into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Presently, North America is dominating the region because of the demand for the same.
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The LEGO Group on 14th October 2021 entered into a partnership with Target Corporation to manufacture and offer products like innovative toys & gifts.
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