General Electric (GE) is on track to generate $6 billion in revenue from its software business, Predix, by the end of 2016. Predix, a software platform for industrial internet applications, has seen a surge in customers, with numbers expected to reach 20,000 by the end of the year. This is a significant increase from the 7,000 customers Predix had at the end of 2015.
GE has invested heavily in Predix, with a commitment to spend $1.2 billion annually on the platform. Predix is designed to help companies manage and analyse industrial data, which can lead to improved efficiency and cost savings. It is part of GE’s broader strategy to become a top 10 software company by 2020.
The company’s CEO, Jeff Immelt, has been instrumental in driving GE’s digital transformation. Immelt has pushed for the development of Predix and the digitisation of GE’s industrial products. Despite the initial scepticism, Immelt’s strategy appears to be paying off, with Predix’s success contributing to GE’s digital growth.
Yet, GE faces stiff competition in the industrial internet market, with companies like Siemens and IBM also developing similar platforms. Despite the competition, GE remains confident in Predix’s success, citing its deep industrial knowledge and experience as key differentiators.
Go to source article: http://www.businessinsider.com/ge-predix-6-billion-business-2016-11