The fast growth of the Internet of Things has led to a rise in smart, connected devices that can be used for many different things. The Internet of Things (IoT), Artificial Intelligence (AI), Smart Devices, and many other technologies are used in smart toys to help children learn and have more fun.
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With built-in software that can recognise speech and images, connect to apps, work with RFID tags, and search the web, these toys give kids a personalised way to play. For example, CogniToys’ Dino uses Wi-Fi to stay connected and IBM Watson’s natural language processing technology to adapt its answers to the child’s age and skill level. One of the main things driving the smart toys market is the rise of STEM (Science, Technology, Engineering, and Math) toys that help kids improve their skills in these areas. Through smart interaction and behavioural learning, smart toys help kids learn skills like coding and engineering that can be used in the real world. Parents are always interested in products that can help their kids get smarter, so this will make smart toys even more popular. SmartGurlz is a company that makes toys that teach girls how to code. Some of the main things that are driving the growth of smart toys are direct and two-way communication, the ability to track children’s activities in real time, and the ability to store personal data like a child’s name, photos, and voice recordings, which help customise the toys. Fisher-Price makes a Smart Toy Bear that can be controlled with a smartphone app for smart toys. During the forecast period, the market is expected to be driven by new ideas like these. With the arrival of 5G technology, more smart devices and toys are likely to be bought over the next few years.
Due to the Covid-19 pandemic, many places around the world have put on strict lockdowns. As a safety measure, the lockdown has increased the number of people who work from home and shut down schools and other educational institutions. The latest numbers from UNESCO show that about 1.3 billion students around the world will not be able to go to school by March 23, 2020. Around the world, many schools, colleges, and universities are closed. Such changes have made it easier for smart toys to be used around the world, since they help kids learn from a distance and give them rich, immersive experiences.
In 2020, over 85.0% of the revenue came from the interactive games segment. This was due to the growth of edutainment services and the high use of smartphones. Interactive games are a fun way to learn something new and try something creative. Puzzles have to be solved in a virtual setting in interactive games. These games can also be used to teach letters and alphabets to kids in preschool. The Lego Group also makes LEGO dimensions, which let players interact with each other through NFC technology.
Over the next few years, the educational robots segment is expected to grow at the fastest CAGR. Smart robot toys can help improve creativity, problem-solving, communication, and working as a team. Most of the time, you control these robots with a remote control, but you can also use a smartphone or tablet. Robots that work with both Android and iOS devices are being made by some of the biggest players in the market.
In 2020, North America made more than 40.0% of all the money. Smart toys are becoming more popular in the region because more and more smart home devices are being bought. According to a study by Acquity Group, the number of smart products people buy for their homes is on the rise. In the U.S., 30% of people own smart IoT devices. During the next few years, the market in Asia-Pacific is expected to grow the fastest.
Smart toys are becoming more popular in the APAC region because there are more people in the middle class and more people want educational toys. Due to its wide distribution network and high rate of customer engagement, Lego Group has been seeing steady growth in the region. For example, The LEGO Group is growing in Singapore by investing in the growth of the country’s digital industry. The key player has teamed up with Singapore’s Economic Development Board to expand the company’s reach in East Asia.