Amazon CEO Andy Jassy (앤디 재시) said Amazon Web Services (AWS) will become a $1 trillion-a-year revenue business within 5 to 10 years, The Register reported on Oct. 30 local time.

According to the report, Jassy said during the third-quarter earnings call that AWS could grow more than 40 percent in 2027 or 2028, driven by the AI boom.

AWS grew 39.3 percent year on year in the third quarter, with revenue nearing $46 billion. Full-year revenue is expected to reach $184 billion.

Jassy said about 85 percent of global IT spending still remains on on-premises servers and will shift to the cloud over the next 10 to 20 years. He stressed that core workloads that once seemed unlikely to move to the cloud, like mainframes, are also being migrated.

He added that AWS is installing a new AI accelerator about every 14 seconds, and customers are adopting them as quickly as they are installed. He said the AI service Bedrock has become the fastest-growing multibillion-dollar service in AWS history. Revenue from core services such as compute and storage also rose at the fastest pace in years.

Amazon plans to spend $220 billion on capital expenditure this year. It spent $75.9 billion in the third quarter alone, with most of it going into AWS. Jassy said AI is the biggest change of our lifetime, adding that it would be easier if the company could spread investment over 25 years, but the world does not work that way.