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The global IoT insurance market is expected to reach $686.9 Billion by 2032, at a CAGR of 36.4%. This growth 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 component segment is expected to maintain its leadership status throughout the forecast period, while the insurance type segment is expected to witness the highest CAGR during the forecast period.