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New AWS CEO Hints at Plans to Elevate Amazon's Cloud Computing

Comments from Adam Selipsky come as Amazon is holding its inaugural re:Invent cloud conference this week.
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Amazon's  (AMZN) - Get Amazon.com, Inc. Report AWS cloud platform will be expanding its business purview, according to interviews company executives have given ahead of the company's inaugural re:Invent cloud conference. 

AWS CEO Adam Selipsky sees the company offering more high-level "horizontal" services that can be used across different industries, expanding beyond the company's EC2 cloud computing and S3 cloud storage bedrock. 

"In the coming years, I think you’ll see us continuing to look at horizontal use cases such as the call center," Selipsky told industry publication SiliconANGLE. 

Amazon dominates the cloud with a market share of about 33%, according to industry reports. Microsoft runs second, with about 19% while Alphabet comes in third, with about 7%, Seeking Alpha noted last month. 

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AWS revenue of $16.1 billion made up about 14.5% of the company's overall revenue of $110.8 billion in the third quarter.

Overall enterprise spending on cloud services in the third quarter topped $45 billion, an increase of 37% year over year, according to GeekWire. 

According to a recent job posting, AWS was looking for a specialist to foster digital asset underwriting, transaction processing and custody in the cloud – another sign the e-commerce giant is pushing forward with offering more crypto and digital services for businesses.

Amazon's recent chart patterns offer a positive outlook, according to Real Money's Ed Ponsi. Find out more about where he sees the stock moving here.

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