2024. Emerging markets are those of countries in the lower 70th percentile. World and regional totals exclude countries what's going on. A few years ago, one could say that traffic to mobile phones in emerging markets had driven international wholesale market growth. No longer. Toggle between the "Show Revenues" and "Show Traffic" options in the "Wholesale Revenues and Traffic by Market Type, 2014 and 2024" collapsed. At the same time, you'll see that revenues from calls to mobiles in all markets has shrunk slightly over the past ten years, to about $10.1 billion. 41% of all global traffic in 2024, about 125 billion minutes. Only one of the eight largest carriers in the world—BTS—terminated more traffic in 2024 than in 2023. Chew on that for a bit.