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According to secondary sources, the research investment plan for STEM (Artificial Intelligence) technology for the development of smart toys is projected to exceed US$ 1.9 Bn by 2019. Toys that use technology to enrich play while interacting with the child are termed as smart toys. These interactions are either through the initiation of open-ended play suggestions or responding to the child's actions in a way that sparks the child's creativity are termed as Smart toys. Smart toys typically offer three diverse types of responses such as sound, light or movement in response to a child's actions. Smart toys are capable of possessing artificial intelligence, as they consist of a microprocessor, volatile or non-volatile memory units, and input & output devices. They are integrated with speech recognition and translator, which can be easily implemented in a software and hardware platform. Several sensors incorporated in smart toys enable them to react to their surroundings, thereby making them more realistic.
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Increasing investment for the development of AI and IoT technology, expansion of 3D printing technology and proximity sensors in toys are some of the key drivers responsible for the growth of the global smart toy market. Other promising factors such as the expansion of e-commerce companies and increasing awareness in animated movies are expected to provide new growth opportunities to the market.
Some of the leading players in smart toy market are: Dream International, Peguino Ltd., Hasbro Inc., Jakks Pacific, Kids II Inc., KNEX Industries Inc., Dash Robotics, Bots Alive Robot Toys, Konami Corporation, Leapfrog Entertainment, Playmobil, The Lego Group, and Mattel Inc., Indiegogo, Inc. among others.
● RFID or NFC
By Distribution Channel
● Toy Shops
● E-Commerce or Online Stores
● Offline Stores
● Specialty Stores
● North America (the USA and Canada)
● Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
● Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
● Latin America (Brazil, Mexico and Rest of Latin America)
● Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Based on geography, Asia Pacific is expected to hold the maximum share in terms of market revenue of the global smart toy market. This growth is because of the existence of leading market players in APAC and have made huge investments in 3D printing and AI sensing technology. By country, China is the leading revenue generator of the Asia Pacific smart toy market. This significant growth in this region is mainly a result of emerging digitalization trend, the growing popularity of smart toys and increasing investment in R&D department. Further, North America is expected to witness substantial growth in the smart toy market during this forecast period with demand rising in to adapt AI security parameters and upgrade existing software. This is backed by implementation of strict safety and upgrading standard in smart toys by the government of North American countries.
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