Smart toys are gaining immense popularity worldwide with the rising awareness among consumers regarding its benefits. The hectic life of parents and less time for parenting has resulted in a high demand for these toys. Smart toys consist of non-volatile or volatile memory units, artificial intelligence, and output and input devices. A research study by Transparency Market Research states that the global smart toys market is expected to exhibit a healthy growth rate in the next few years.
What are the key factors encouraging the growth of smart toys market worldwide?
A tremendous rise in the population and the increasing disposable income are the key factors that are anticipated to encourage the growth of the global smart toys market. The rising popularity of voice and face recognition in toys is likely to boost the demand in the coming years. On the flip side, the high cost of these products for the middle-class population is one of the key factors which is likely to restrict the growth of the global smart toys market in the near future. Nevertheless, the increasing number of players and the launch of new toys is expected to attract a large number of consumers, thus promising a healthy growth of the market across the globe.
Will North America remain dominant in the coming years?
North America and Europe are considered as the leading regions in the global smart toys market. As per the research study by Transparency Market Research, North America held a large share of the global market in the last few years and is likely to retain its position in the next few years. The high growth of this region can be attributed to the sustainable buying ability of consumers and the high adoption rate of new technology. In addition to this, the presence of leading players in this region and launch of innovative products by them are estimated to impel the growth of the smart toys market in North America.