A new report expects that the increase in Internet-connected devices over the next several years will also spark substantial growth in manufacturers' service-related revenue.
Currently, some leading manufacturers collect up to half of their profits from after-sales sources, according an analysis by International Data Corporation.
The growth in the Internet of Things, however, should result in connected device services becoming "a cornerstone of growing revenues for many manufacturers in the coming years."
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"We expect to see a considerable rise in connected service offerings in the coming years, moving from remote monitoring to predictive and eventually prescriptive services that keep products up and running with minimal interruption," said IDC Manufacturing Insights research manager Heather Ashton.
The IDC report projects that onboard service revenue will outpace product-related revenue by a factor of two by 2020.
An estimated 5 billion devices will connect to the Internet this year, but GE anticipates that number will grow to 50 billion within five years.