Smart Toys Market to Reach $106.8 billion, Globally, by 2033
According to the report, the global smart toys market size was valued at $16.7 billion in 2023, and is projected to reach $106.8 billion by 2033, growing at a CAGR of 20.9% from 2024 to 2033.
Rise in digital literacy across the developing regions is expected to boost the growth of the smart toys market during the forecast period. Increase in the penetration of smart hand-held devices coupled with the growth in penetration of the internet is expected to have a positive influence on the market growth. Moreover, the rise in expenditure on education for kids and the growth in the adoption of educational toys among parents in developing nations have fostered the demand for smart toys.
By type, the interactive games segment accounted for the highest share in 2023, garnering more than two-thirds of the global smart toys market revenue. This is attributed to the dynamic nature of the interactive games and the higher level of engagement and entertainment that they offer to the children. On the other hand, the educational robots segment would cite the fastest CAGR by 2033. Rise in the adoption of smart toys in pre-school is a major factor that is expected to boost the market growth during the forecast period.
By technology, the Bluetooth segment held the major share in 2023, generating more than two-fifths of the global smart toys market revenue. Bluetooth technology offers wireless connectivity, allowing the smart toys to connect seamlessly to smartphones, tablets, and dedicated controllers to enhance the overall experience of the toys. On the other hand, the others segment would portray the fastest CAGR of 22.9% from 2024 to 2033. The growing popularity of artificial intelligence-based toys and rising penetration of AR and VR technology in the smart toys industry are expected to drive the growth of this segment.
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