Smart toys are the Internet connected gadgets that have their own intelligence and are enabled by the electronics within them that allows them to learn, adapt and act according to a particular environment. These toys are connected to the Internet and a smart device that are available for children who are three years old or more. Internet is an attractive option for everyone and therefore increasing demand for Internet-connected devices is contributing towards extensive growth smart toys market worldwide as these toys are extremely helpful for both parents and the children. Some of these toys work as an assistant that can wake up the child in the morning, remind them of assignments, answer their questions and get them to bed by time. Parents can analyze the activity of their children through an online dashboard as well. Furthermore, these factors are thereby driving the growth of the global smart toys market at rapid pace.
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Increasing upgradation in technology, adoption of smart devices along with explosion of smartphones is the key trend observed in the growth of the smart toys market. All the major players in toys industry have started utilizing their resources towards research and development activities and manufacture the smart toys. Moreover, hotels, restaurants and coaching centers have started utilizing smart toys in order to attract the customers and enhance their market base. Furthermore, it has been observed that the working mothers have started relying on these toys as it helps them to effectively manage their children and attain reasonable satisfaction thereby bolstering the growth of smart toys market across the globe. The want of the people to provide their children with the latest gadgets is another important factor driving the growth of smart toy market. Moreover, with the increasing disposable income of rational population people are looking forward to spend their money for the betterment of their children. As a result the number of people interested in buying such gadgets is increasing immensely.
Geographically, North America is the largest smart toys market as the region is observing rampant adoption for artificial services by households in the U.S. that has significantly contributed towards the revenue growth of this market. The adoption of mobile devices by citizens of the U.S. is thus amplifying the continuous display of information to the users. For instance, it has been estimated that approximately 80% of the adults in this region have started to rely on such toys with artificial intelligence. Furthermore, Asia-Pacific is anticipated to grow at fastest rate in smart toys market during the forecast period. The increasing popularity of artificial intelligence among large population in the country such as Japan is enabling the country to extensively invest towards these smart toys. Moreover, the country has amended several norms in order to secure the privacy of the customers utilizing this technology.
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Key players in the smart toys market are investing heavily in order to improve the quality of product and developing the latest technologies which are strengthening their position in the market. Moreover, it has been observed that local players are depending upon new technology to develop cost efficiencies in their business operations thus increasing the rivalry in the market to some extent. Some major players in the smart toys market include Sanrio Company Ltd., Konami Corporation, Fisher Playmates Toys, TOMY Company Ltd., Dream International Ltd., Kids II Sanrio Company Ltd., JAKKS Pacific Inc., Integrity Toys, Inc., Mattel, Inc. and Leap-Frog Enterprises Inc.
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