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The global IoT insurance market is driven by the rise in the adoption of IoT in developed and developing economies, an increase in demand for cloud platforms and other value-added services in the insurance industry, and a surge in investment in IoT by insurance companies. The market is estimated to reach $686.9 billion by 2032, witnessing a CAGR of 36.4% from 2023 to 2032. IoT insurance refers to the use of Internet of Things (IoT) devices by insurance companies to collect, transmit, and share essential information about insurers. It provides many benefits to end users, including improved claim management services, faster risk management services, and reduced operating costs for the company during the claim settlement management service.