The global smart toys market is likely to grow in the coming years due to advancements in artificial intelligence (AI) and its incorporation in smart toys. According to a report by Fortune Business Insights, titled “Smart Toys Market Size, Share and Global Trend By Technology (Thermal, Electrochemical, Piezoelectric, Optical), By Application (Medical diagnostics, Food toxicity detection, Industrial process control, Others), By Industry Vertical (Agriculture, Healthcare, Manufacturing, Others) and By Geography Forecast till 2026,” the market is likely to increase in the coming years due to the advent of real-time interaction in smart toys.
The incorporation of concepts such as artificial intelligence and the internet of things (IoT) has paved the way for innovative smart toys. The global smart toys market derives growth from the increasing demand for AI-integrated smart toys. New smart toys are not just comprised of interactive technology, but they also work through feedback from the user and function through predictive analysis from behavioral patterns of the user. Such attractive concepts will bode well for the growth of the global smart toys market in the forthcoming years. The machine learning capability of smart toys has created countless growth opportunities and is likely to favor the growth of the market in the coming years.
Indian-based “Robotix” launches Smart Toys for Toddlers
In 2018, an Indian company “Robotix” announced the launch of a series of programmable smart toys for kids. The toys were aimed at providing an interactive learning experience for kids between the ages of 3 to 7. The launch of tangible coding or simply ‘TaCo’ Robotrix will allow kids to think and interact creatively. The TaCo Robotrix will create exposure to challenges and tasks, at a very early stage and allow them to explore their potential to the maximum. In a world of healthy competition, essentially in all parts of the world, parents seem to willingly buy smart toys for children, with the aim of preparing them at a tender age. Robotix’s smart toys have had a huge impact on the ever-increasing population of India and these toys are likely to stimulate the growth of the global market in the near future.
Smart Toys Manufacturers Encouraged by Huge Demand
Recent technological advancements in interactive concepts have opened up a huge potential for the expansion of the companies contributing to the growth of the global smart toys market. Although the increased popularity of smart toys has become a concern for some people, with the risk of exposing children to these devices at an early age, manufacturers still remain optimistic due to the huge global demand. Researchers have found that there are more advantages than downfalls to the adoption of smart toys and this is likely to have a positive impact on the global smart toys market. Factors such as safety and limitation of over-exposure to infrared or proximity sensors are the first priorities for smart toy manufacturers and many companies are looking to capitalize by focusing more on these aspects. Either way, emphasis on safety and innovations may lead to increased investment for manufacture and this is likely to bode well for the future of the global smart toys market.
Some of the leading companies that are operating in the global smart toys market are
- Dream International,
- Peguino Ltd.,
- Hasbro Inc.,
- Jakks Pacific,
- Kids II Inc.,
- KNEX Industries Inc.,
- Dash Robotics,
- Bots Alive Robot Toys,
- Konami Corporation,
- Leapfrog Entertainment,
- The Lego Group, and Mattel Inc.,
- Indiegogo, Inc.