Sarasota, FL -- (SBWIRE) -- 04/10/2019 -- "Smart Toys Market By Type (Screenless Toys, App-Enabled Mechanical Toys, Voice or Image Recognition Toys, Health-Tracking Toys or Wearable, Toys-To-Life, Puzzles and Building Games, and Others), By Technology (Wi-Fi, Bluetooth, RFID or NFC), By Distribution Channel (Toy shops, E-Commerce Or Online Stores, Offline Stores, Specialty Stores, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global smart toys market was valued at around USD 3,870.00 million in 2017 and is expected to reach approximately USD 5,410.00 million by 2024, growing at a CAGR of around 4.77% between 2018 and 2024.

Smart toys are also known as connected toys which are used for playing purpose; these toys are connected to the internet or cloud. Smart toys having unsecured connectivity are serious risks to the children who play with them. Privacy issues may hamper the overall growth of smart toys market in the forecast period.

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The global market for smart toys is growing at a significant CAGR. The growth of the smart toys market is primarily due to the growing awareness of technology, internet, etc. which encourages children to play with them. This will enhance the growth of the global market for smart toys within the forecast period. Moreover, changing lifestyle, advancement in artificial intelligence drives the smart toys market. Increasing urban population and rapidly growing smart toy consumers in emerging countries such as China and India are the key factors projected to fuel the growth of the smart toys market during the forecast period. Security and privacy become the main concern for smart toys market. Government policy on the value and the price of the products may hinder the global smart toys market growth over the forecast period.

The global smart toys market can be segmented on the basis of type, technology, and distribution channel. The type category includes app-enabled mechanical toys, screenless toys, voice or image recognition toys, puzzles and building games, toys-to-life, health-tracking toys or wearable, and others. Increasing demand for app-enabled mechanical toys is projected to experience high CAGR during the forecast period. Voice or image recognition toys segment accounted for 31% market share in 2017. Depending on the technology, smart toys market is classified into Wi-Fi, Bluetooth, RFID or NFC. Advancement in technology to develop innovative and interactive toys fuels smart toys market growth in coming years. Distribution channel segment includes toy shops, e-commerce or online stores, offline stores, specialty stores, and others. The toy shop segment dominated the global smart toys market in 2017. Offline stores include mass stores, supermarkets, etc. Consumers most possibly select offline stores sector that is looking for smart toys. Growing awareness about e-commerce and online sales also sets a notable impact on smart toys market. It is anticipated to account for the highest CAGR over coming years.

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The North America smart toys market accounted for a major market share in terms of revenue in 2017. Smart toys are built-in with speech recognition and speech synthesizers, which can be simply implemented in software or hardware. Rapidly developing technological industry is driving the growth of the market for smart toys market in North America. Asia Pacific is the succeeding important market and is expected to grow at considerable CAGR over the forecast period. The growth is mainly due to the increase in disposable income among consumers. The market for smart toys in Europe is predicted to grow at a moderate CAGR over the forecast period owing to certain government regulations regarding privacy issue in toys. Rising urban population and an increasing number of smart toys manufacturing companies are expected to boost the growth of the market for smart toys in Latin America over the forecast period. Rising number of industrial players are expected to enter the global market to improve the level of competition in the next few years.

The report includes detailed profiles of key players operating in the global smart toys market such as Dream International Ltd., Integrity Toys, Inc., JAKKS Pacific Inc., Fisher Playmates Toys, Mattel, Inc., Leap-Frog Enterprises Inc., TOMY Company Ltd., Kids II Sanrio Company Ltd., Konami Corporation, and others. The description of the company includes parameters such as company key developments, overview, business strategy, and financial overview of the company.

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This report segments the Global Smart Toys market as follows:

Global Smart Toys Market: Type Segment Analysis

Screenless toys
App-enabled mechanical toys
Voice or image recognition toys
Health-tracking toys or wearable
Toys-to-life
Puzzles and building games
Others

Global Smart Toys Market: Technology Segment Analysis

Wi-Fi
Bluetooth
RFID or NFC

Global Smart Toys Market: Distribution channel Segment Analysis

Toy shops
E-Commerce Or Online Stores
Offline Stores
Specialty Stores
Others

Global Smart Toys Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa