Rise in the number of parents and children enhancement with usage of internet that successfully combine education with fun and permits parents to monitor their kids, which propel growth of connected toys market. In addition, increased adoption of technology, science, mathematics and engineering toys is driving demand for connected toys market.
However, lack of safety & security of connected toys restricts to the growth of connected toys market. Contrarily, Increasing R&D spending on robots & toys and strict regulations made by government to control the security breach is an opportunistic factor to drive the growth of connected toys market.
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The growing use of technology, science, math and engineering toys has led to a growing demand for connected toys. The major toys key players like Nancy Drew and Toy Dash and Dot are allowing kids to program how the robot moves, and teach the basics of coding. In addition, connected toys have been monitors with integral cameras and GPS permit to display kid from anyplace.
Connected toys increase issues of security and privacy, especially the toys are connected to the internet, spreading personal information to third parties, or applying artificial intelligence or machine learning to store, collect, and personalize information. Internet connected toys devices are disposed to hacking privacy, which is expected to hinder the growth of connected toys market.
Major players analysed in the market include Hasbro Inc., K’NEX Industries Inc., Leka Inc., Mattel Inc., Playmobil, Sony Corporation, Sphero Inc., The Lego Group, and Wonder Workshop
Impact of COVID-19 on Connected Toys Market:
- As the COVID-19 pandemic has extent around the world, a majority of countries have declared the provisional closing of schools that impacting greater than 91% of children across the globe.
- The more chartable arms have been denoting to help support children most in essential through the pandemic and make sure they continue to have entrance to learning through play.
- Overall, the present scenario is expected to have a positive impact on the connected toys market growth.
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