InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Chatbots for Mental Health and Therapy Market- (By Technology (Machine learning and Deep learning, Natural Language Processing, Others), By Application (Conversational Interfaces, Behavioral Pattern Recognition, Others), By Component (Saas, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Chatbots for Mental Health and Therapy Market is valued at US$ 1.09 Bn in 2022, and it is expected to reach US$ 1.71 Bn by 2031, with a CAGR of 5.3% during a forecast period of 2023-2031.
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Chatbots for mental health and treatment are electronic tools designed to offer assistance, support, and direction to those with mental health issues. By using AI, natural language processing, and other cutting-edge techniques, these chatbots communicate with people to establish proper mental health assistance. One of the major worldwide health issues is the increased frequency of mental diseases. According to estimates, 1 in 10 children and 1 in 4 adults experience mental health concerns yearly. Mental illness has a huge impact on Bns of people's lives, as well as on society and the economy as a whole.
Moreover, given the rising cost of mental illness, the need for chatbots for mental health and therapy is expected to increase. The market for chatbots for therapy and mental health will expand due to their accessibility, low cost, and ease of usage. The fact that many chatbots on the market are free to use and hence accessible to everyone drives the market's expansion. The gap must be filled since there is a large need for therapy. Chatbots for therapy and mental health can help with this. The usage of chatbots in therapy and mental health will grow in popularity.