When a stock has grown more than 150% over the past year, it's easy to dismiss the stock as a highflier. That would be a mistake in the case of Shopify (NYSE:SHOP). The company has delivered near triple-digit year-over-year revenue growth in each of the past two quarters, and more of the same might be on tap. Yet despite the spectacular growth it has already delivered, the best may be yet to come.

On this episode of Fool Live that aired on Nov. 30, 2020, Fool.com contributor Danny Vena discusses the size of Shopify's market opportunity.

Danny Vena: I'm going to get to a slide here that basically shows what it is that investors can expect going forward here.

One of the reasons that I loved Shopify is because it has a massive addressable market. Now, it's important to point out that there are a couple of different markets for Shopify. I'm going to go ahead and share that screen now that I've got to where I need to be.

First of all, you know, Shopify's bread-and-butter, as I said earlier. Really where it started business was among the small- and medium-sized business community. Among those small and medium-sized businesses, and I've got dogs going off in the background and I'm not there to control them, is $78 billion. Seventy-eight billion, I mean, think about that. That's a number so big that it's really difficult to give it context.

It's also important to point out that management is going to look through rose-colored glasses a lot of time. They're looking at the best case scenario of what their market, their total addressable market might be. So you have to take it with a little bit of grain of salt. But directionally, it's going to give you an idea of what the market opportunity is for the company.

Now you'll notice a $78 billion right here is just small- and medium-sized businesses. Shopify several years ago, decided that they could do the same thing for enterprise level businesses and they rolled out Shopify Plus. Shopify Plus is geared toward those larger businesses. One of the things that they found is that there was actually quite a bit more market there for them than what they had initially thought.

So I'm going to switch to another slide here and share this again for just a moment. Just to give you an idea of how many name brands that company has. If you look at this, you will recognize Heineken (OTC:HEINY) and Staples and Nestle (OTC:NSRGY), and Universal Music and General Mills (NYSE:GIS). These are all big well-known businesses, and every one of them uses Shopify Plus.

Shopify Plus is becoming a larger and larger portion of the company's business. So I think that not only do you have the $78 billion in the small- to medium-sized business market, but then there's another untold billions of dollars worth of potential market share that they could get in the enterprise-level businesses. This just really does show, I mean, that's a huge potential market going forward, particularly since and I think in the last quarter, Shopify's revenue was somewhere north of a billion dollars. So this is a really large opportunity going forward.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.