SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

Juniper Research: Smart Toy Revenues to Grow by Almost 200% from 2018 to $18 billion by 2023
[May 08, 2018]

Juniper Research: Smart Toy Revenues to Grow by Almost 200% from 2018 to $18 billion by 2023


A new report from Juniper Research found that Smart Toys will represent an $18 billion hardware and software market by 2023, up from an estimated $6 billion in 2018. This increase will primarily be driven by the growing popularity of smartphone-connected toys and related in-app purchases, which are projected to grow by 69% annually over the next 5 years.

For more market insights, download our free whitepaper: '3 Smart Toy Vendors Racing Ahead in 2018'.

In-App Purchasing Driving the Industry

The new rsearch, Smart Toys: Hardware, Technology & Leading Vendors 2018-2023, found that in-app purchases will become the main driver for growth, with content revenues reaching 25% of the total industry by 2023. For example, Merge's Augmented Reality Cube toy highlights the potential of the smartphone working alongside an established platform for successful content distribution and monetisation.



This growth coincides with the stagnation of the console based 'Toys to Life' sector. The report recommended that vendors incorporate smartphones into their proposition to drive new innovative games.

Privacy & Security Issues


Juniper highlighted how privacy issues continue to hamper overall growth. It posits the recent prosecution for VTech's breach of data security as a watershed moment, demonstrating the FTC's (News - Alert) increasing control over data protection violation which issues a warning to all vendors.

In addition, the new GDPR (General Data Protection Regulation) rules will mean that vendors will be at further risk of fines. However, Juniper cites the increased focus on security as an opportunity. A 'safe' reputation is a unique selling point for a vendor, in an industry blighted with security issues.

Educational Toys Market to Flourish

Furthermore, the research found that as connected toys become more affordable, educational toys will find a place in the school curriculum in developed markets. Osmo, for example, has been a leader in this area, with more than 25,000 schools embracing its learning kits. Juniper forecasts that the market will be worth over $1.5 billion by 2023.

Juniper Research (News - Alert) provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.


[ Back To TMCnet.com's Homepage ]







Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy