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The increase in demand for high-tech toys and games that can aid in children's education and learning is credited with the market's expansion.
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In the smart toy industry, vertical integration is a key business opportunity. Toy manufacturers rely heavily on retailers for product delivery.
ALBANY, N.Y., April 13, 2021 /PRNewswire/ -- The global smart toys market is expected to be fuelled by rising demand for internet-connected toys (internet of toys) and a growing number of tech-savvy consumers. The toy industry has embraced high-tech innovations that aid in the advancement of children through educational learning methods facilitated by smart toys. The Internet of Toys envisions a world in which toys are not only linked to children but also to each other through wireless communication. Already existing toy companies as well as start-ups are willing to innovate in this field, as it has the potential to become their largest market as the number of customers grows. This may also aid students' advancement of STEM skills (science, technology, engineering, and mathematics). As a result, the smart toys industry is fuelled by the internet of toys, which is likely to shape the contours of the said market.