As Amazon (AMZN 3.43%) continues to rack up billions in e-commerce revenue, its cloud computing business is on a roll. In this video clip from "Ask Us Anything" on Motley Fool Live, recorded on June 14, Fool.com contributor Connor Allen discusses how AWS may be the company's big growth driver of the future.

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Connor Allen: Amazon is trading at the lowest valuation than it ever has right now at 50 times earnings. Do I think that means it's undervalued? That's a question for its future growth prospects and you have to answer that for yourself.

Now, I will say that AWS has become a huge player in the cloud computing industry. There was a study that was done by Grand View Research and they estimated the compound annual growth rate of the entire cloud computing industry out to 2030 and they said it should be around 14-15% CAGR, compound annual growth rate up until 2030.

Now, looking at this market research sometimes could be wildly wrong, but I think estimating around 15% every single year seems to be about right and when you add on the market share that AWS could take on that way up I think there's a lot of room for expansion and earnings for Amazon.

I think e-commerce, in general, is going to be pretty cyclical but at least I think up until now, e-commerce has just been it's been quite the growth story. But I can definitely see it becoming a little more cyclical but in terms of the cloud with AWS, I think that's going to be where Amazon drives a lot of its value from in the future. Do I have an opinion on whether it's undervalued or overvalued? No. But I will say historically it looks pretty good right now.