India, with its huge population of over 1.3 billion people, has long been known as a market with tremendous potential for growth in various industries. One such industry that has seen a remarkable surge in recent years is the gaming industry. With its growing middle class, increasing smartphone penetration, and affordable data plans, India has emerged as a major player in the gaming world, recently overtaking the US to become the world's second-largest gaming market after China.

According to a recent report by FICCI-EY, the Indian gaming industry is expected to reach a value of $3.7 billion by 2024, growing at a CAGR of 17.5%. The rise of online multiplayer games such as PUBG, Free Fire, and Call of Duty has been a key factor in the growth of the gaming industry in India. These games have become hugely popular among young Indians, who spend hours playing them every day. The popularity of esports has also contributed to the growth of the gaming industry in India, with the country hosting several international esports tournaments in recent years.

As already mentioned, India reportedly has the 2nd largest gamer base in the world. Despite its government's crackdown and strict gaming regulations, China still has the largest gamer base. However, in the Asia-10 region, India is said to have the largest player market, with 396.4 million gamers. Where there are about 788 million gamers in Asia-10, India accounts for 50.2% of it. The research also included the prediction that the number of gamers will grow to have a strength of more than 630 million by 2026. 

Despite the rapid growth of the gaming industry in India, there are still several challenges that need to be addressed, such as infrastructure constraints, regulatory issues, and lack of awareness among the general population. However, with the government's push for digitalization and the increasing interest in gaming among young Indians, the future of the gaming industry in India looks bright.

When it comes to the Indian gaming market, the research firm reveals that it is still a mobile-first market. Approximately 98.8% of Indian gamers play on mobile, averaging 14.1 hours per week. According to the report, low data costs in India play a role in this.  

In conclusion, the rise of India as the second-largest gaming market in the world is a testament to the country's potential for growth and innovation. With the increasing popularity of online gaming and the emergence of home-grown gaming companies, India has the potential to become a major player in the global gaming industry in the years to come.