Future Toys PDF Download

This essay sheds light on the future of the toy industry and explicates how emerging technologies will revolutionize the toy industry. Moreover, the benefits of leveraging robots in the toy industry are demystified in this essay. Furthermore, how to earn substantial money online so that you can afford to procure your own toys is expounded upon in this essay. The future of the toy industry will not only be characterized by dynamism as it continues to metaphorically evolve, but will also be eminently auspicious for toy designers, supply chain members, retailers, and customers. Technological advancements are profoundly changing the toy industry and are rendering it all the more technology driven. The behemoth toy industry shows no signs of decelerating anytime in the imminent future. "The global toys market is projected to reach revenues of more than $120 billion by 2023, growing at a compound annual growth rate of around 4% during 2017-2023" ("The global toys"). The toy industry unequivocally has products available for children and adults of all ages to relish in playing with and/or collecting, such as high quality action figures for adults or remote controlled vehicles for children. The rapid growth of the toy industry hinges upon the willingness of toy companies to produce desirable toys that their target market is directly requesting for them to produce. When toy companies simply acquiesce to giving the customers what they ultimately desire then this course of action helps contribute to the rapid growth of the toy industry. On the other hand, when toy companies neglect to provide their customers with what they are directly asking for then it is often calamitous for the toy industry and undermines its future growth potential. While the future of the toy industry may seem enigmatic, the toy industry is preordained to have a prosperous future in the coming years as more and more toy companies take heed of accommodating customer product requests and acknowledging customer feedback. The global toy industry is comprised of a myriad of lucrative segments and is becoming ever more expansive as more and more adults are becoming collectors of toys, such as DC Multiverse Action Figures or NECA Action Figures. Adult collectors are not the only demographic cohort who are driving toy industry growth. "The recent trend of parents to purchase and invest in educational toys for cognitive development in children is fueling the growth of the global toys market. The increasing number of movies and television shows based on fictional characters will create a cult following among consumers and further propel the demand for the products in the global toys market. Moreover, the global toys market is driven by growing demand for art and craft toys, stuffed toys, and replicas of instruments, such as a keyboard, guitar, and drums. The increasing social media penetration, growing audience, and rising user engagement are major factors attributing to the growth of the global toys market. The different playthings through department stores, small chain stores, free-standing toys stores, catalog stores, and other non-tracked retail outlets are further driving the growth of toys designed for ages 5-12 in the global toys market" ("The global toys"). The vast variety of toys available allows the toy industry to have something to offer everyone. The future of the toy industry will continue to be dominated by major vendors apart of the toys market. In other words, the future of the toy industry will feature ample products from major vendors, such as Hasbro and Mattel. Classic toys, such as dolls, LEGO sets, remote controlled cars, and action figures will not be jettisoned from toy department anytime in the imminent future. Board "games and puzzles" ("The global toys") will also maintain a foothold in toy departments in big box retail stores in the coming years. The "games and puzzle segment for instance dominated 1/6th of total market share" ("The global toys").