India cements place as World’s largest mobile games market — but monetization still lags

India’s mobile gaming industry continues its rapid ascent, with the country clocking an astounding 8.45 billion game installs in FY 2024–25 — more than double that of Indonesia, Asia’s second-largest mobile games market, according to Sensor Tower’s latest deep-dive report.

Affordable mobile data, widespread smartphone access, and the growing social acceptance of gaming are fueling this boom, firmly positioning India as the global leader in mobile game downloads. Popular titles like Ludo King, which alone has surpassed 1.25 billion lifetime downloads, showcase how culturally rooted, family-friendly games remain a major force in India’s crowded app charts.

Yet, behind the download surge, India’s in-app purchase (IAP) revenue paints a more modest picture: just over $400 million in FY 2024–25. Compared to China’s $14.8 billion, Japan’s $11.5 billion, and South Korea’s $4.6 billion, India’s monetization potential remains largely untapped — though signs of progress are clear.

While overall downloads on Google Play dipped 8.7% year-over-year, IAP revenue on the platform still grew by 8.5%, with the App Store seeing a robust 31% jump in IAP revenue — a signal that Indian players, especially those on iOS, are warming up to spending more on games and digital extras.

Simulation, Arcade, Puzzle, and culturally resonant Tabletop games continue to dominate India’s download charts. But when it comes to revenue, the market tells a different story: Shooter games alone account for 50% of IAP spend, with Casino and Strategy genres following closely — categories that attract India’s emerging group of competitive, higher-spending gamers.

India’s mobile gaming audience remains young and predominantly male, with 77% aged 18–34 and men making up 86% of gamers. While core titles like Battle Royale shooters attract young male players, genres like Lifestyle and Tabletop games have a broader gender mix, helping games like Ludo King maintain cross-generational appeal.

Ludo King’s staying power illustrates how deep cultural resonance can translate into long-term engagement. The digital version of a traditional board game taps into India’s family-first culture, blending nostalgia with social features like multiplayer modes and voice chat that keep it relevant across generations.

India-based publishers, led by names like Gametion (Ludo King) and Dream11, continue to dominate the local market while increasingly turning their sights abroad. Overseas markets such as the US, Saudi Arabia, and the UK are now driving new revenue streams as local publishers invest in global-ready titles and regional localization.

Despite challenges in converting huge player bases into paying audiences at scale, India’s mobile games sector is projected to grow from $3.1 billion in FY 2023 to $7.5 billion by 2028 — a solid 20% compound annual growth rate.

The key challenge for publishers is balancing India’s vast base of cost-sensitive casual gamers with its rising core of engaged, competitive spenders. Publishers that master this mix — pairing viral, easy-to-learn games with deep, spend-driven experiences — are best positioned to capture India’s growing digital wallet share.