The Asia Pacific wholesale voice carrier Market size was calculated to be USD 8.65 billion in 2024 and is anticipated to be worth USD 12.88 billion by 2033, from USD 9.04 billion in 2025, growing at a CAGR of 4.52% during the forecast period.
The Asia Pacific wholesale voice carrier market encompasses service providers that facilitate international and domestic voice traffic exchange between telecom operators, mobile virtual network operators (MVNOs), and over-the-top (OTT) communication platforms. These carriers act as intermediaries in the telecommunications ecosystem, enabling seamless call routing, termination, and interconnection services across fixed-line and mobile networks.
One of the primary drivers propelling growth in the Asia Pacific wholesale voice carrier market is the rising demand for cross-border voice communication, particularly among diaspora communities, multinational corporations, and global contact centers. Countries such as India, Pakistan, Indonesia, and the Philippines host large expatriate populations, leading to substantial outbound calling traffic to North America, the Middle East, and Europe. This trend is further amplified by the growing need for global customer support operations, with major brands outsourcing their call center functions to low-cost hubs in Southeast Asia. In addition, advancements in VoIP and SIP trunking technologies have enabled cost-effective long-distance calling solutions, making it easier for both individuals and enterprises to maintain real-time global conversations.
The proliferation of mobile virtual network operators (MVNOs) across the Asia Pacific region is playing a crucial role in driving demand for wholesale voice carrier services. MVNOs operate without owning physical infrastructure, relying instead on partnerships with mobile network operators (MNOs) and wholesale voice providers to deliver voice and data services to end-users. According to GSMA Intelligence, the number of MVNOs in Asia Pacific surpassed 250 in 2023, with notable growth seen in markets like Japan, Australia, Malaysia, and India.
As these MVNOs expand their reach—particularly in niche segments such as enterprise communications, IoT connectivity, and prepaid services—they require robust and scalable voice transit and termination capabilities. For instance, in Japan, Rakuten Mobile leverages wholesale voice carriers to support its innovative mobile-as-a-service model, which combines 5G with cloud-native architecture. Similarly, in India, emerging MVNOs targeting rural and semi-urban demographics depend heavily on wholesale voice infrastructure to offer affordable telephony packages.
Besides, the rise of brand-aligned MVNOs launched by digital banks, e-commerce firms, and telecom resellers has introduced new streams of demand for wholesale voice services.
A significant challenge impeding the profitability of the Asia Pacific wholesale voice carrier market is the persistent decline in voice revenue per minute (RPM), driven primarily by commoditization and pricing pressures. As competition among voice carriers intensifies and Voice over Internet Protocol (VoIP) services gain widespread adoption, traditional wholesale voice termination rates have been eroded substantially. According to TeleGeography, the average RPM for international voice calls in the Asia Pacific fell by approximately 6% in 2023 compared to the previous year, continuing a multi-year downward trend. This decline is particularly pronounced in key corridors such as India–Middle East, China–Africa, and ASEAN–North America, where price undercutting has become a dominant strategy among carriers seeking market share. The emergence of OTT messaging and calling applications like WhatsApp, Viber, and Telegram has further reduced reliance on conventional voice services, limiting opportunities for carriers to generate sustainable revenues.
Regulatory inconsistencies across different jurisdictions in the Asia Pacific pose a major obstacle for wholesale voice carriers attempting to establish stable and scalable operations. Each country enforces distinct policies regarding number portability, anti-fraud measures, local content delivery, and taxation practices—making compliance a complex and resource-intensive task. According to a report by the International Telecommunication Union (ITU), over 15 Asia Pacific economies revised their telecom regulations in 2023, affecting how voice traffic is monitored, taxed, and terminated.
For example, in India, the Telecom Regulatory Authority of India (TRAI) has imposed stringent Know Your Customer (KYC) norms and call routing requirements to curb illegal telemarketing and voice fraud. Similarly, in Malaysia, the Malaysian Communications and Multimedia Commission (MCMC) mandates real-time interception capabilities for all licensed voice carriers. These regulatory burdens increase operational costs and slow down the deployment of new services.
In some cases, governments have imposed restrictions on Over-The-Top (OTT) voice termination or levied additional taxes on international calls, further complicating the operating environment. As per Deloitte, the regulatory burden has led to the exit or consolidation of several smaller wholesale voice operators in Southeast Asia, reducing market diversity and innovation potential.
One of the most promising opportunities emerging in the Asia Pacific wholesale voice carrier market is the integration of AI-powered voice fraud detection and mitigation services. With the surge in scam calls, fake OTP deliveries, and international revenue share fraud (IRSF), carriers are under increasing pressure to enhance security measures while maintaining service quality. Several wholesale voice carriers are partnering with cybersecurity firms to deploy machine learning algorithms that analyze call patterns, detect anomalies in real-time, and automatically block fraudulent activities. In Singapore, the Infocomm Media Development Authority (IMDA) has mandated stricter fraud prevention standards, prompting carriers to adopt intelligent signaling analytics for enhanced protection. Moreover, service providers in countries like India and the Philippines—where telecom fraud is rampant—are investing in AI-enabled call verification tools to combat identity spoofing and robocalling.
The rapid adoption of cloud-based voice infrastructure and Session Initiation Protocol (SIP) trunking presents a transformative opportunity for wholesale voice carriers in the Asia Pacific region. Enterprises are shifting away from traditional Public Switched Telephone Network (PSTN) lines toward flexible, scalable, and cost-efficient SIP-based communication solutions that integrate seamlessly with Unified Communications as a Service (UCaaS) platforms. Wholesale voice carriers are capitalizing on this trend by offering direct SIP interconnects, hosted PBX integrations, and IP-based voice termination services that support enterprise-grade communication needs. Besides, government-led digital transformation programs in countries like Thailand and Vietnam are accelerating migration to cloud-based telephony systems, creating a favorable environment for wholesale voice players to provide scalable infrastructure.
A pressing challenge confronting the Asia Pacific wholesale voice carrier market is the intensifying competition posed by Over-The-Top (OTT) communication platforms such as WhatsApp, Zoom, Microsoft Teams, and Google Meet. These platforms leverage internet-based voice calling to offer free or low-cost alternatives to traditional voice services, significantly eroding the demand for conventional calling minutes. With the proliferation of 4G and 5G networks across the region, OTT voice quality has improved dramatically, making it a preferred mode of communication for both consumers and enterprises. This shift has forced wholesale voice carriers to rethink their business models and explore alternative revenue avenues such as premium number services, call authentication, and emergency voice routing. However, these services remain niche compared to the scale of OTT disruption.
Another critical challenge facing wholesale voice carriers in the Asia Pacific region is the rising complexity of fraud management and the increasing stringency of regulatory enforcement. Voice fraud schemes such as traffic pumping, arbitrage exploitation, and international revenue share fraud (IRSF) have become more sophisticated, necessitating advanced monitoring and mitigation strategies. Governments across the region are responding by imposing stricter compliance requirements, including mandatory call traceability, caller ID validation, and real-time fraud reporting. In India, the Telecom Regulatory Authority of India (TRAI) has mandated the implementation of the Calling Name Presentation (CNAP) system to combat identity spoofing, adding another layer of technical and financial burden on voice carriers. Furthermore, regional variations in enforcement mechanisms make it difficult for wholesale carriers to implement standardized fraud prevention protocols across multiple markets. As per Juniper Networks’ Threat Labs Report, 38% of telecom operators in Southeast Asia reported challenges in coordinating fraud response with international partners.
REPORT METRIC |
DETAILS |
Market Size Available |
2024 to 2033 |
Base Year |
2024 |
Forecast Period |
2025 to 2033 |
CAGR |
4.52% |
Segments Covered |
By Service, Technology, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, Rest of Asia-Pacific |
Market Leaders Profiled |
AT&T, BT Group, Verizon Communications, Tata Communications, NTT Communications, Orange S.A., Deutsche Telekom AG, Telstra Corporation, Bharti Airtel, PCCW Global |
The voice termination constitutes segment the largest service in the Asia Pacific wholesale voice carrier market by accounting for a 68.7% of total revenue share in 2024. This dominance is primarily attributed to the high volume of international and domestic call traffic that must be routed from origin networks to destination endpoints across mobile and fixed-line infrastructures.
One key factor driving this segment is the heavy reliance on cross-border voice communication among diaspora communities in countries like India, the Philippines, and Indonesia. According to TeleGeography, India alone accounted for over 25% of all international outbound voice minutes in the region in 2023, with major call flows directed toward the Middle East and North America. This demand necessitates extensive inter-operator partnerships and efficient termination mechanisms facilitated by wholesale carriers.
Additionally, business sectors such as outsourced customer support and telemarketing significantly contribute to the growth of voice termination services.
Interconnect billing is emerging as the fastest-growing service segment in the Asia Pacific wholesale voice carrier market, registering a CAGR of 9.4% between 2025 and 2033. This is due to the increasing complexity of telecom settlements as new players enter the market and regulations evolve to ensure greater transparency and compliance.
As regulatory authorities in markets like Thailand, Malaysia, and India mandate real-time call monitoring and accurate billing reconciliation, telecom operators are investing heavily in advanced interconnect billing systems. The Telecom Regulatory Authority of India (TRAI), for instance, mandated in 2023 that all licensed operators implement centralized call data recording platforms to facilitate precise settlement calculations and fraud detection.
Moreover, the rise of Mobile Virtual Network Operators (MVNOs) and Over-The-Top (OTT) voice termination has introduced new billing scenarios, requiring robust infrastructure for mediation, rating, and dispute resolution.
Voice over Internet Protocol (VoIP) exhibits the dominant technology segment in the Asia Pacific wholesale voice carrier market by capturing an estimated 59.7% of the total market share in 2024. This strong foothold is largely attributed to the widespread adoption of IP-based communication frameworks, driven by declining infrastructure costs and improved broadband access across the region.
A key driver is the migration of enterprise communication systems towards cloud-based Unified Communications as a Service (UCaaS) models. In Australia and Singapore, large businesses have rapidly adopted VoIP-enabled contact center solutions, enhancing scalability and reducing operational overhead. In addition, government initiatives promoting digital transformation have accelerated VoIP deployment in public sector institutions. China’s Ministry of Industry and Information Technology (MIIT) reported that over 40% of its state-owned enterprises had transitioned to VoIP-based internal communication systems by mid-2023. Meanwhile, rural connectivity programs in India have enabled VoIP-based telephony expansion into underserved regions.
The traditional switching, despite being a legacy technology, continues to grow at a modest but steady pace in the Asia Pacific wholesale voice carrier market, recording a CAGR of 4.1%. This is primarily driven by the persistence of circuit-switched networks in certain economies and the need for interoperability with newer VoIP systems during transitional phases.
In several Southeast Asian nations including Myanmar, Laos, and parts of rural India, traditional Public Switched Telephone Network (PSTN) infrastructure remains the backbone of national telecom systems. These regions rely heavily on Time Division Multiplexing (TDM) switches for basic telephony services due to limited fiber penetration and underdeveloped IP backhaul capabilities. Moreover, the Indian government's Digital Infrastructure Policy mandates backward compatibility for emergency services, ensuring that traditional switching infrastructure continues to coexist with next-gen communication technologies.
India was at the forefront of the Asia Pacific wholesale voice carrier market. This dominant position is largely fueled by the country’s vast telecom subscriber base, growing digital economy, and rising international voice traffic driven by a large expatriate population. The rapid proliferation of mobile virtual network operators (MVNOs) and over-the-top (OTT) voice platforms has created a dynamic ecosystem where wholesale carriers play a crucial role in enabling call transit and termination. Moreover, the Business Process Outsourcing (BPO) industry, which employs over 4 million people, generates substantial outbound call volumes, further boosting demand for wholesale voice services. Government initiatives such as Digital India and BharatNet are also accelerating rural telephony expansion, creating additional use cases for wholesale call routing.
China is maintaining a strong presence due to its expanding global trade relations, structured telecom regulatory environment, and strategic investments in international voice infrastructure. According to the Ministry of Industry and Information Technology (MIIT), outbound international voice traffic from China rose in 2023, particularly to Africa, ASEAN, and Europe. A key driver is the Belt and Road Initiative (BRI), through which Chinese telecom firms have established voice interconnection agreements with partner countries, facilitating cross-border communication between businesses and government entities. Besides, the expansion of Chinese multinational corporations into emerging markets has led to increased demand for global voice termination services. The state-controlled telecom ecosystem ensures standardized yet controlled inter-carrier settlements, providing stability for wholesale voice exchange. Moreover, the push towards dual-mode smartphones capable of supporting both VoLTE and legacy calls has expanded the addressable market for voice intermediaries.
Japan is leveraging its highly developed telecom ecosystem to maintain relevance in the evolving voice services landscape. According to the Ministry of Internal Affairs and Communications (MIC), Japan recorded an increase in outbound international voice minutes in 2023, reflecting growing business coordination with ASEAN and North American partners. Despite declining domestic landline usage, Japan remains a critical hub for wholesale voice interconnection, particularly through its Tier-1 carrier NTT Communications. The company facilitates secure and high-quality international call routing for both local and foreign operators, supporting global enterprise clients with seamless connectivity. Also, Japan’s emphasis on integrating AI-driven fraud detection and real-time analytics into voice operations has set new benchmarks for service reliability. The country’s regulatory framework promotes stringent quality-of-service parameters, making it an attractive partner for international wholesale agreements.
Australia accounts for a small portion of the Asia Pacific wholesale voice carrier market, positioning itself as a digitally progressive economy with a strong emphasis on regulatory compliance, cybersecurity, and cloud-based voice infrastructure. A key contributing factor is the nation’s leadership in deploying 5G-enabled voice services, facilitating higher call quality and lower latency for enterprise users. The rollout of Voice over LTE (VoLTE) and Voice over New Radio (VoNR) has allowed mobile operators to offload traffic through wholesale routes efficiently. Furthermore, Australia serves as a gateway for voice traffic between APAC and Western economies, given its strategic location and well-developed undersea cable infrastructure. Companies such as Telstra and Optus actively engage in international peering agreements, enhancing their roles as regional voice transit providers.
Singapore is functioning as a vital regional connectivity hub due to its advanced digital infrastructure, open regulatory policies, and strategic geographic location. Its well-established data center ecosystem, coupled with low-latency fiber backbones, enables high-efficiency voice routing and termination services. Several global telecom operators have set up local Points of Presence (PoPs) to leverage Singapore’s stable infrastructure and favorable business climate. Besides, Singapore’s proactive stance on adopting AI-powered fraud mitigation tools has made it a preferred destination for secure voice interconnection.
This research report on the Asia Pacific Wholesale Voice Carrier Market has been segmented and sub-segmented based on Service, technology, and region.
By Service
By Technology
By Region
Frequently Asked Questions
Key growth drivers include increased international call traffic, expanding mobile and internet penetration, cost efficiency for telecom operators, and rising demand for VoIP and cloud-based communication solutions.
VoIP (Voice over Internet Protocol) has significantly transformed the wholesale voice landscape by reducing costs, improving scalability, and enabling better quality for international and long-distance calls.
Major markets include China, India, Japan, South Korea, and Australia due to high telecom activity, robust infrastructure, and increasing international connectivity needs.
Key players include AT&T, BT Group, Verizon Communications, Tata Communications, NTT Communications, Orange S.A., Deutsche Telekom AG, Telstra Corporation, Bharti Airtel, and PCCW Global.
Access the study in MULTIPLE FORMATS
Purchase options starting from
$ 2000
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: sales@marketdataforecast.com
Reports By Region