General Electric (GE), the industrial giant, is now taking a step forward in development as it announced its plan to enter the computer-based services segment.

On Wednesday, the company announced that it is soon going to launch computer-based services that will connecting sensors on machines to distant computing centers-a concept called cloud computing.

The company also announced that it will allocate a sum of about $500 million per year for expenditure specifically on the new computer based services segment.

"We think it will change the industrial world. We're talking about where an industrial company goes to get its applications," said William Ruh, the Head of GE's Software Business.

GE officials also shared their estimates of revenue of in software segment. The company stated that it is eying increase in profits through services like jet engines, wind turbines and medical equipment.

GE's computer-based services will be titled Predix Cloud. The cloud will be capable of picking up data from any system connected to its network.

Pitney Bowes stated that GE will be able to utilize the system for its business in sending invoices and direct mail.

GE is not the only one planning an expansion in cloud computing. Microsoft has also indicated an inclination towards cloud computing. It has named the service as Azure, which is expected to be used for storing and searching data pertaining to industries.

In fact, Google has also been planning to adding data-analysis in its lines of businesses. The two giants, Microsoft and Google, will increase market completion for GE in the new segment.