Age Verification Statistics


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Steve Bennett
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Age Verification Statistics 2023: Facts about Age Verification outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Age Verification, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Age Verification Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Age Verification Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 16 Age Verification Statistics on this page 🙂

Age Verification “Latest” Statistics

  • Age verification measures in the EU are intended to safeguard the 18% of the bloc’s population who are under the age of 18.[1]
  • In 87% of the situations, complete compliance was attained in retailers using remote age verification.[2]
  • The food and drug administration FDA has established 18 as the minimum age for purchasing and selling tobacco products.[3]
  • The following collection of age verification use cases in various sectors emphasizes these solutions’ significance and by the end of 2023, the eSports sector is expected to be worth more than $1.6 billion, according to estimates.[3]
  • Socure’s unrivaled identity coverage and data breadth boost compliance with up to 98% auto approvals across all age groups and demographics and unleash client growth.[4]

Age Verification “Verification” Statistics

  • 72% of online marketplaces have increased their deployment of ID verification technology during this worldwide epidemic, according to Trulioo, a supplier of global identity verification services.[5]
  • At a CAGR of 17%, the global identity verification market is anticipated to reach 177 billion in 2026.[5]
  • With a compound annual growth rate of 17.1%, the identity verification market is anticipated to increase from $8 billion in 2021 to $17.7 billion in 2026.[5]

Age Verification “Other” Statistics

  • 34% of transactions made in shops using id readers were completed accurately.[2]
  • Almost 41% of video games in the US are classified as adult and teen-rated, according to a Statista poll.[3]
  • According to Javelin Research Group, over a million adolescents were victims of online identity theft in 2017, causing a loss of $2.6 billion, of which about 540 were compensated by the families.[3]
  • Nearly 2.7 billion people play video games worldwide, and that figure is increasing rapidly, according to Newzoo.[3]
  • A report found that in 2015, over 1.46 billion people made purchases online, and by the end of 2021, that figure is projected to increase by 46%.[3]
  • According to PR Newswire, the cannabis sector is predicted to generate 73.6 million US dollars by the end of 2027.[3]
  • Due to GDPR’s strict requirements, companies who violate them might be subject to penalties of up to 4% of their annual worldwide revenue, or 225 million us dollars.[3]
  • The industry’s total revenue is now approximately 647.9 billion US dollars and is expected to grow at a pace of 5.6% starting in 2022 to 2027.[3]

Also Read

How Useful is Age Verification

In today’s digital world, where information and products are easily accessible with just a few clicks, age verification has become more important than ever. With the rise of online shopping, social media, and entertainment platforms, it is easier for minors to find their way to age-restricted content or make purchases that are meant for adults. As such, implementing age verification processes is essential for businesses and organizations to ensure compliance with regulations and protect young individuals from potential harm.

When it comes to age verification, there are different methods that can be used depending on the industry and the target audience. Some common verification methods include entering a date of birth, providing identification documents, or using age verification software that cross-references data to determine the user’s age. While no method is foolproof, these measures are designed to create an additional layer of protection to restrict access to content or products that are meant for adults only.

While some critics argue that age verification can be cumbersome or intrusive, the benefits of such measures far outweigh the drawbacks. By implementing age verification processes, businesses can safeguard themselves from legal repercussions, such as fines or sanctions, for selling age-restricted products or content to minors. Moreover, age verification can help protect young individuals from exposure to harmful substances or content that may negatively impact their health and well-being.

In addition to safeguarding minors, age verification also helps to promote responsible behavior among adults. By requiring individuals to verify their age before accessing certain content or making purchases, businesses can encourage consumers to be mindful of the potential risks associated with such activities. This can help to prevent impulsive decisions or irresponsible behavior that may have negative consequences for both the individual and society as a whole.

Furthermore, age verification can also help to build trust and credibility with customers. By demonstrating a commitment to responsible practices and compliance with regulations, businesses can enhance their reputation and show that they prioritize the well-being of their customers, particularly minors. This can lead to increased customer loyalty and retention, as well as attract new customers who value ethical business practices.

In conclusion, age verification is a valuable tool that serves to protect both minors and adults in various industries and sectors. While there may be challenges in implementing age verification measures, the benefits far outweigh the drawbacks. By ensuring compliance with regulations, promoting responsible behavior, and building trust with customers, businesses can create a safer and more secure environment for all individuals involved.

Reference

  1. iapp – https://iapp.org/news/a/age-verification-and-data-protection-far-more-difficult-than-it-looks/
  2. nih – https://pubmed.ncbi.nlm.nih.gov/28339552/
  3. shuftipro – https://shuftipro.com/blog/age-verification-use-cases-significance-and-regulations/
  4. socure – https://www.socure.com/
  5. globenewswire – https://www.globenewswire.com/en/news-release/2022/02/21/2388512/28124/en/Global-Identity-Verification-Market-Forecast-to-Reach-17-7-Billion-in-2026-at-a-CAGR-of-17.html
  6. aristotle – https://integrity.aristotle.com/

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