The growth of 14.1% CAGR can be seen in the market of global connected toys during the forecast period from 2018 to 2026. (By type of toy type (app-enabled mechanical toys and drones, voice/image recognition toys and health tracking toys / Wearables), device type (smartphone and tablet connected toys, laptop connected toys and console connected toys), connectivity type (via Wii) -Fi, Bluetooth, and RFID / NFC))
The global linked toy market is expected to reach US $ 69.16 billion by 2026, during the forecast period from 2018 to 2026, the CAGR is growing at 14.1%. The toy industry has become even more enchanted with the ability of the Internet of Things. Connected toys are already engaged in direct communication with children, real-time tracking of children’s activities, and storage of personal data, including child’s name, photo and voice recording. These toys can make learning fun for the kids and help the parents monitor their locations. The increase in the number of internet users coupled with the increasing popularity of various handheld devices such as smartphones and tablets, connected toys worldwide are running market awareness and growth.
On the other hand, children are weak consumers who can not often understand how a linked toy works and what risk it can cause. To overcome these security concerns, the rules can play an important role in achieving more secure products. For example, in the US, the children’s online privacy protection rule has been extended to smart toys. Apart from this, in the case of Toy Data associated with the General Data Protection Regulation, there is a possibility of positive results on security and privacy.
Based on product type in 2017, app-enabled mechanical toys and drones have achieved the largest market share. The market is expected to increase with the progress of the application programming interface (API) for connected toys. Based on geography, North America led the market in 2017 and is expected to remain dominant in the coming years. The adoption of smart technologies in this field is expected to boost the growth of the toy market associated in the coming years.
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