The global smart toys market is fragmented and competitive in nature, thanks to the presence of a large number of players operating in it worldwide, states a new research study by Transparency Market Research. The leading players in the market are focusing on innovations and development of new products in order to attract a large number of consumers across the globe. In addition to this, the increasing number of players expected to enter the global market is predicted to enhance the level of competition in the next few years.
Furthermore, the rising investments in the global smart toys market for research and development activities are estimated to encourage the growth of the overall market in the near future. Some of the leading players operating in the smart toys market across the globe are Fisher-Price Inc., Activision Blizzard Inc., The Hasbro Inc., Spin Master Corp, LeapFrog Enterprises, Inc., Seebo Interactive Ltd, Genesis Toy Co. Ltd, Wow Wee Group Ltd, Reach Robotics Ltd, and SmartGurlz ApS.
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According to the market research study by Transparency Market Research, the global smart toys market is expected to witness high growth throughout the forecast period. The market is likely to register a promising growth rate in the coming few years.
The global market for smart toys has been categorized on the basis of geography, among which North America is projected to witness high growth throughout the forecast period. The high growth of this region can be attributed to the rising adoption rate of new technology. In addition to this, the substantial buying ability of the people in several developed nations, including Canada and the U.S. are some of the major factors that are projected to encourage the growth of the North America market in the near future. Europe is considered as the second leading segment in the global market which will be further followed by Asia Pacific. The rising population and the increasing disposable income of consumers are the key factors that are predicted to enhance the growth of the Asia Pacific market in the next few years.
In terms of product type, the smart toys market has been categorized into screenless toys, app-enabled mechanical toys, voice or image recognition toys, health-tracking toys or wearables, toys-to-life, puzzles and building games, and others. In the last few years, the voice recognition segment led the global smart toys market and is projected to continue in the same position throughout the forecast period. The rising popularity for these toys is considered as one of the major factors, which is likely to accelerate the growth of this segment in the next few years.