The Worldwide Connected Toys Industry is Expected to Reach $23.4 Billion by 2028 at a 19.7% CAGR - ResearchAndMarkets.com

The "Global Connected Toys Market Size, Share & Industry Trends Analysis Report by Application, Age Group, Technology (Wi-Fi, Bluetooth), Interfacing Device, Distribution Channel, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Connected Toys Market size is expected to reach $23.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.

Toys that are connected to the internet and use Bluetooth or WiFi to process functions are known as connected toys. A speaker, microphone, and app to process the data are typically included. In response to children's increasing access to screens, connected toys are changing traditional objects to include more of the appointment features that digital screens offer.

However, by taking advantage of this development, linked toys raise more concerns among parents and educators about children's use of reflexive digital technologies. With the help of connected toys, families and parents may actively participate in and closely monitor their children's development, generating data that will help parents better understand the events that their kids are involved in and create connections between play and parent-child discussions.

An increase in the number of parents and kids using the internet, which successfully combines education and entertainment while allowing parents to keep an eye on their children, is what drives market expansion. In addition, the market for connected toys is being driven by the growing popularity of technology, science, math, and engineering toys.

However, the market for linked toys is constrained by a lack of safety and security. On the other hand, increasing government restrictions to regulate security breaches and R&D investment in toys and robots offers an opportunity to push the market for connected toys.

COVID-19 Impact Analysis

The worldwide coronavirus outbreak had a significant negative impact on the world's economy. Lockdowns have been imposed in numerous countries all over the world in an effort to halt the coronavirus's transmission and spread. This had a significant negative impact on the building toy industry's distribution networks, commerce, and growth.

Additionally, the sale of toys on various e-commerce websites has surged since the COVID-19 pandemic, which could increase the need for more connected toys over the projection period.

Market Growth Factors

Rising Working Women and Less Time to Take Care of Children Rising Need for Tracking Toy Devices

Humans are now more connected than ever due to the Internet of Things. Today smartphones provide unlimited access to practically everything, including GPS, banking, social networking, everyday phone, and text communication, online shopping, and more. In the last ten years, technology has advanced beyond the screens. Most homes, automobiles, and children's toys all contain it. IoT devices have significant advantages for parents and careers.

Parents Are More Concerned with The Overall Development of Their Children

Parents are looking for ways to get their kids interested in new physical activities because they are worried that they may get addicted to computers TV and cell phones. Kids may exercise their minds while also improving their creativity and social skills with the help of connected toys. Children can purchase modern connected toys from vendors, including IoT enabled car toys. Due to parents' increased focus on instilling in their children useful problem-solving and life skills, the market for technology enabled toys has grown.

Marketing Restraining Factor:

Concerns about privacy are being raised by connected toys

More and more kids' toys are being sold with internet connectivity as a crucial component. The internet connection can be established with a wire that attaches to a computer or router, but it is more likely to be established using a wi-fi-enabled app on a smartphone or tablet. Since they have the ability to collect and handle personal data through features like cameras and microphones, connected toys and devices give rise to particular security concerns.

Scope of the Study

By Application

• Education
• Entertainment
• Other Applications

By Age Group

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

By Technology

• Wi-Fi
• Bluetooth
• Others

By Interfacing Device

• PC/Laptop
• Smartphone/Tablet

By Distribution Channel

• Offline
• Online

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• Hasbro, Inc.
• Mattel, Inc.
• LEGO Group (KIRKBI A/S)
• VTech Holdings Limited
• ROYBI
• Pillar Learning
• Ubtech Robotics Corp. Ltd.
• PlayShifu
• Sphero, Inc.
• Mainbot SAS

For more information about this report visit https://www.researchandmarkets.com/r/odbbpm-connected?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005631/en/