Global Connected Toys Market Size/Share Envisaged to Reach USD 65.22 Billion By 2032, at 22.6% CAGR Growth: Polaris Market Research

NEW YORK, July 11, 2023 /PRNewswire/ — A latest research report [115+] pages with 360-Degree visibility, titled “Connected Toys Market Share, Size, Trends, Industry Analysis Report, By Application (Education, Entertainment, and Other Applications); By Age Group; By Distribution Channel; By Region; Segment Forecast, 2023 – 2032” published by Polaris Market Research in its research repository.

“According to research report, the global connected toys market size/share was valued at USD 8.55 Billion in 2022 and is expected to touch USD 65.22 Billion By 2032, growing at a CAGR of 22.6% during the forecast period.”

What are Connected Toys? How Big is Connected Toys Market Size & Share?

• Overview

The growing availability of internet-connected gadgets and breakthroughs in speech recognition and artificial intelligence have enabled numerous devices, such as computers, smartphones, and cars, to listen to users and conversations and generate thoughtful responses as a primary computing interface. Also, as this conversational technology develops, it has become available in toys and other products sold to children and youth.

The connected toys come with a microphone, a speaker, and an app to process the data. Moreover, the connected toys market has grown as children’s preferences for more interactive and self-aligning toys have increased. They are multifunctional, multipurpose devices. Parents frequently program these toys to support educational activities and act as event monitors to guarantee their kids’ security.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• LEGO Group
• Sony Corporation
• UBTech Robotics Corporation
• iRobot Corporation
• Digital Dream Labs
• Sphero Inc.
• Hasbro
• Mattel
• DJI
• Wonder Workshop
• Konami Holdings
• Playmobil
• K’NEX Industries
• TOSY Robotics
• WowWee Group
• Workinman
• Pillar Learning
• Smart Teddy
• KEYi Technology

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Key Growth Driving Factors

• New and innovative technologies: One of the main factors driving the connected toys market growth is the rapid development of new and innovative technologies like augmented reality, artificial intelligence, and the Internet of Things, which have enabled the creation of innovative and interactive connected toys that provide unique and engaging experiences for kids across all categories. Another important factor is the rising prevalence of toys that offer a different and interactive form of entertainment from traditional toys.
• Increased demand for monitoring and tracking devices: The widespread adoption of both working parents in recent years, along with the extensive growth and penetration of two-working-parent households, which fuels the demand for monitoring and tracking toy devices, are further anticipated to create growth opportunities and boost the overall market growth.
• Affordable and cost-efficient: Since robotics and artificial intelligence have gotten inexpensive and more efficient in recent years, these innovations have been heavily incorporated into various high-tech children’s toys. These toys not only offer new interactive experiences but also help to increase the lifespan of multifunctional toys globally.

Recent Trends Influencing the Market

• Numerous adoptions: Due to its many benefits, including the ease with which working parents can watch their toddlers and the ability to manage their child from any location due to built-in cameras and GPS trackers integrated into the toys, the connected toys market demand significantly expanded.
• Learning technologies: The market demand and growth are likely to be positively impacted by the emergence of several fundamental changes in learning technologies that center on individualization, use various types of software to adjust each child’s unique requirement and development, and give them access over the speed, location, and learning method.

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Segmental Analysis

• Entertainment Application Sector Accounts for the Largest Market Share

The popularity and widespread use of toys like interactive dolls, tablets, and programmable robots, which can converse with children by answering their questions and imitating their actions while including various sophisticated features like facial or voice recognition, can be directly attributed to the segment’s growth. These characteristics enhance the toys’ appeal or make them more engaging for kids, keeping them entertained and fueling the connected toys market size.

• 1-5 Years Sector Holds the Significant Revenue Share

As parents look for toys to keep their kids entertained and engaged while providing educational value, the 1-5 years segment held most of the connected toys market share in 2022. This is due to the growing adoption of these toys as parents continuously become more aware of the importance of early childhood development. They adopt toys to help their kids develop problem-solving, creativity, and probing skills.

Furthermore, the market for toys targeted at children between the ages of 6 and 8 is anticipated to expand significantly over the forecasted period, largely as a result of the rapid advancements in technology and developing innovations in connected toys already on the market, which provide children with an immersive play experience and let them engage with the toys in novel and exciting ways.

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Connected Toys Market: Report Scope

Geographical Overview

• North America: In 2022, the North American region had the most revenue share on the global market, and it is anticipated that it will continue to dominate for the entire period. One of the main drivers of market expansion is the substantial presence of key market players, who increasingly work with several new startups, schools, and colleges. Another major driver is the rising R&D expenditures to create more sophisticated toys.
• Asia Pacific: The connected toys market in Asia Pacific region is rapidly expanding due to the prevalence and awareness of the numerous benefits associated with connected toys and the rise in the number of parents choosing these toys for their child’s development in both ways mentally and physically across the region, is predicted to be the fastest-emerging region with a healthy over the projected period.

Browse the Detail Report “Connected Toys Market Share, Size, Trends, Industry Analysis Report, By Application (Education, Entertainment, and Other Applications); By Age Group; By Distribution Channel; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/connected-toys-market

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Recent Developments

• The LEGO Group debuted toys with physical and mental problems in February 2023, including characters with Down syndrome, anxiety, and missing limbs. It includes persons with physical infirmities, such as vitiligo, and recently developed toys with various skin tones.
• In May 2022, Mattel Television revealed they had joined forces with HBO Max and Cartoon Network to produce a special American girls’ show based on the popular doll and book brand. The company is thrilled about its new collaboration with these businesses to debut their new American special girl showcasing “Corrinne Tan,” the girl of the year.

Key Questions Answered in The Report

• What is the market size and growth rate of the market?
• What is the estimated value of the connected toys industry?
• Which segment is leading the market during the forecast period?
• Who are the connected toys market key players?
• What are the opportunities in the market?
• Which region has the largest connected toys market share?
• What is the study period of this market?

Polaris Market Research has segmented the connected toys market report based on application, age group, distribution channel, and region:

By Application Outlook

• Education
• Entertainment
• Other Applications

By Age Group Outlook

• 1-5 Years
• 6-8 Years
• 9-12 Years
• Teenagers (13-19 Years)

By Distribution Channel Outlook

• Offline
• Online

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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SOURCE Polaris Market Research