There's a business growing within Amazon that could one day be worth more than retail or cloud

Amazon's hunt for another business to drive growth even higher may have its answer in Amazon Business, a note from Bank of America on Tuesday said.

"B2B has many more hurdles to adoption given the complex procurement processes, but Amazon is driving steady adoption," Post said Amazon Business may have a long way to go to catch the retail unit but it's growing fast. Post said it now has"millions of business customers." Post pointed to growth of the run rate of gross merchandise volume for Amazon Business . In the past two years, that run rate has increased by 10 times: From $1 billion in 2016 to $10 billion in 2018, Bank of America said. And by 2023, the firm estimates Amazon Business can scale that gross merchandise volume run rate to $33.

"The company is solving procurement bottlenecks with new features, and we think Amazon is well positioned in the category with an active marketplace and same-day fulfilment capabilities. Long-term, B2B will be an important driver of retail sales growth," Post said.

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