The increasing demand for internet of toys technology-enabled products as well as the rising demand for smart toy products that feature user friendly technologies, that can be easily accessed by the toddlers and young kids and gain access to basics of tech education and literacy are fostering the meteoric rise of the global smart toys market in recent years. Furthermore, the increasing disposable income amongst the global population, especially in developed as well as developing economies is further propelling the demand within the global smart toys market. The increasing proliferation of internet-based online stores, as well as e-commerce platforms, has also provided a unique way for the manufacturers and developers in the global smart toys market to market their products.
The increasing growth of the e-commerce platforms over the period of the COVID-19 pandemic compelled the manufacturers and players working within the landscape of the global smart toys market to target consumers within the developed regions of the world. On the other hand, the lack of spending capacity was observed during the pandemic period in underdeveloped as well as developing economies around the world, which adversely affected the demand for the products in the global smart toys market over the last couple of years.
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COVID-19 Pandemic Intensifies the Demand in Smart Toys Market
The manufacturers and players operating in the global smart toys market are also focusing on developing and designing attractive packaging solutions as well as exploring new-age marketing techniques and solutions to enhance their brand visibility in the marketplace. The increasing trend of stay at home as well as working from home parents amid the COVID-19 pandemic is also expected to positively influence the growth within the global smart toys market.
The manufacturers and players operational within the global smart toys market provide their consumers with various types of innovative and technology-enabled toys, such as voice or image recognition toys, toys to life, app-enabled toys, health tracking toys, and screen fewer toys, among others. These products i.e. smart toys can be powered through connections with smartphones, various consoles, and tablets. The increasing number of smartphones around the world as well as the early exposure to smartphones for educational purposes amongst children is driving the adoption of the smartphone-connected products in the global smart toys market. Some of the key technologies adopted by the manufacturers and players in the global smart toys market to power these unique toys include Bluetooth technologies as well as Wi-Fi technologies.
Players in Smart Toys Market Focused on Promoting their New and Innovative Products
The landscape of the global smart toys market is considered to be somewhat fragmented, owing to the presence of several prominent players in the industry throughout the globe. The leading and incumbent manufacturers and players operational within the landscape of the global smart toys market include Sony Corporation, Mattel, Inc., Playmobil, Kid II, Inc., Konami Corporation, Hasbro, Inc., Jakks Pacific, Inc., Leapfrog Entertainment, The Lego Group, and KNex Industries, Inc., among others.
The majority of the prominent manufacturers and players in the global smart toys market are adopting several corporate growth strategies to enhance their industry standing. These moves and tactics involve geographical expansions to tap into previously unexplored regional markets to boost the consumer base as well as mergers and acquisitions. Additionally, the manufacturers and players in the global smart toys market are also increasingly investing in the exploration of the latest technologies to design and develop new and exciting smart toys.
The manufacturers and players in the global smart toys market are also focused on generating awareness pertaining to the availability of these next-gen smart toys. Traditional toys generate massive amounts of revenue owing to their widespread popularity and ease of use as well as affordability. To generate momentum for their products, the manufacturers and players in the global smart toys market are making substantial changes to revamp the traditional toys by enabling futuristic and smart functionalities to them.
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