According to TechSci Research, the global market for contact center AI is projected to reach nearly $3 billion by 2028, up from $2.4 billion in 2022. Additionally, approximately half of contact centers intend to integrate some form of AI within the next year.

The driving force behind this trend is clear: Call centers aim to cut costs while expanding their operations.

Entrepreneur Evie Wang, a co-founder of Retell AI, explained to TechCrunch: "Companies heavily reliant on call center operations, seeking rapid scalability without the limitations of human agents, are eager to embrace efficient AI voice agent solutions." This strategy not only reduces overall costs but also minimizes wait times.

Retell AI offers a platform enabling companies to develop AI-powered "voice agents" capable of handling customer calls and performing basic tasks such as appointment scheduling. These agents utilize a blend of large language models (LLMs) fine-tuned for customer service scenarios and a speech model for converting LLM-generated text into speech.

While Retell's clientele includes contact center operators, it also serves small- and medium-sized businesses facing high call volumes, like telehealth provider Ro. Customers can utilize the platform's low-code tools to construct voice agents or upload custom LLMs (e.g., an open model  like Meta's Llama 3) for further customization.

"We prioritize the voice conversation experience, recognizing it as the most crucial aspect of the AI voice agent interaction," Wang emphasized. "We don't see AI voice agents as mere novelties that can be created with a few simple prompts, but rather as valuable tools capable of replacing intricate workflows and delivering significant business value."

Although there are mixed reactions from people as this would lead to a large number of layoffs in this field.

However AI engineers would be in a much more demand as similar models would also be prepared to compete in the field .

And that's all for today..

Signing off , peace out ✌🏼..