Alex Williams points out that AWS revenue growth is about to hit hyper growth:

Bernstein Research has issued a research report saying it expects AWS will have an estimated $20 billion in revenues by the end of the decade. In a separate report, RW Baird & Co. projects $10 billion in revenue for AWS by 2016.

The public cloud reached a turning point last year. As Baird states in its report, the top 10 cloud providers grew 37 percent while more traditional technology companies grew by 2 percent. AWS does not break out its revenues. Bernstein, based on its own research, estimates that AWS grew 100 percent year-over-year. Bernstein estimates AWS is worth $24 billion, 13 times its approximate $1.8 billion in revenue (Amazon does not break out revenues for AWS).  In contrast, Bernstein reports that Rackspace, as of April 1, trades at about 5.3 times 2012 revenue. Its revenue grew 28 percent compared year-over-year. Its public cloud service revenues of $309 million account for 23 percent of total revenues. Rackspace, it should be noted, has aggressive expansion plans of its own and has been one of the founders of OpenStack, the open cloud effort. Developer interest has grown consistently in OpenStack since its unveiling. Google is a more concerning foe with Google Compute Engine and Google Apps. And Microsoft’s Windows Azure puts the company in position to compete in the cloud space.

$20 billion in revenues would make Amazon the #5 software company in the world, behind only Microsoft, Oracle, IBM, and SAP.

Wow.

Even more fascinating, so far AWS revenues are hidden because Amazon's retail business is so much higher that AWS is currently a rounding error.

Wow.