The Global Smart Toy Market to Witness a CAGR Growth of 18.32% by 2031
The global smart toy market, as per a recent market report, is expected to achieve a significant growth of 18.3% CAGR by 2031.
Valued at USD 12.4 billion in 2021, the smart toy market is anticipated to reach USD 54.1 billion by 2031, backed by advancements in artificial intelligence and the Internet of Things (IoT).
Smart toys are highly interactive, internet-connected toy creations that make use of AI, machine learning, IoT, and other advanced technologies to offer an enhanced playtime experience for kids.
With the emergence of smart toys, the very concept of a toy has undergone a significant transformation over the last couple of years. Toys are no longer just physical play objects for kids but are now state-of-the-art solutions that can revolutionize the way children play and learn.
The key highlight of the smart toys is their integration with AI technologies, which make them capable of offering children more personalized and interactive content and experiences.
The rising interest among parents in educational and learning toys will reportedly turn out to be a key factor in fast driving the smart toy market’s expected growth in the years to come.
As a result, more players are expected to jump on the bandwagon with innovative products and solutions.
Notice: The main image is AI-generated.
