Snowflake (SNOW -0.50%) is a rapidly growing cloud company that has been battered on the stock market in 2022 thanks to the sell-off in technology stocks, losing more than 57% of its value. But this steep drop has opened an opportunity for savvy investors to buy a potential long-term winner at a big discount.

The data warehousing platform provider is scratching the surface of a huge end-market opportunity that could help it sustain its impressive growth for at least the next five years. That could make it an ideal bet for investors aiming to become millionaires.

Snowflake could keep growing rapidly for one simple reason

Snowflake estimates that its total addressable market (TAM) could be worth a massive $248 billion in 2026. Data warehouse, data lake, data science, and machine learning would account for most of this opportunity, with a total addressable market of $224 billion.

The cloud computing provider's latest results suggest that it is at the beginning of a tremendous growth curve. Snowflake released third-quarter fiscal 2023 results (for the three months ending Oct. 31, 2022) on Nov. 30. The company reported 67% year-over-year growth in revenue to $557 million. Its adjusted net income more than tripled to $0.11 per share from $0.03 per share in the year-ago period.

But these were just two of the many impressive metrics in Snowflake's quarterly report that point toward impressive growth in the long run. The company's remaining performance obligations (RPO), which is the value of contracts that haven't been recognized as revenue yet, jumped 66% over the prior-year period to $3 billion last quarter. Snowflake has generated $1.86 billion in revenue over the trailing 12 months, and the size of its RPO indicates that its momentum is here to stay. It is also worth noting that Snowflake's revenue in the past year isn't even one percent of the projected TAM in 2026.

As the adoption of Snowflake's offerings grows and more customers come on board, the company will be able to corner a greater share of the TAM. Snowflake is already reaping the benefits of the fast-growing end markets it operates in, with a rapidly growing customer base that has started spending more on its products.

The company exited fiscal Q3 with a total customer count of nearly 7,300 -- a jump of 34% over the prior-year period. More importantly, Snowflake is gaining a bigger share of customers' wallets. This was evident from the 94% year-over-year growth in the number of customers who have spent at least $1 million on Snowflake's products over the trailing 12 months.

Analysts anticipate Snowflake's revenue to more than double in fiscal 2025 to $4.3 billion, compared to the current fiscal year's estimate of just over $2 billion. We have already seen that the company has a big enough market opportunity to enable it to become much bigger in the long run.

For instance, the data warehouse market alone is expected to hit $45 billion in revenue by 2032, compared to $4.6 billion last year. A market share of nearly 20% in this category means that Snowflake could add several billion dollars to its top line over the next decade.

The stock's tremendous growth could help investors become millionaires

In all, it is not surprising that analysts are expecting huge earnings growth from Snowflake, with the company expected to clock annual earnings growth of close to 300% over the next five years. We have also seen that Snowflake's revenue is anticipated to double in the next couple of fiscal years.

If the company could double its revenue once again -- assuming a relatively conservative pace -- by fiscal 2028, its top line could jump to $8.6 billion after five years. The internet-based software industry in which Snowflake operates trades at a sales multiple of 16. Assuming the company trades at a similar multiple after five years, its market cap could jump to $137 billion based on the fiscal 2028 revenue estimate.

That would be nearly three times Snowflake's current market cap of $48 billion. So a $100,000 investment in Snowflake right now could triple in the next five years, which is why this cloud stock has the potential to help investors become millionaires in the long run.

Of course, investors should put that kind of money into Snowflake stock only if they have their high-interest debt and bills paid off, and they have enough saved in an emergency fund for a rainy day. But if investors have $100,000 to put into the stock market, buying and holding Snowflake could be a great move as the company could sustain its impressive growth longer than a five-year period.

We have already estimated that Snowflake's revenue could hit $8.6 billion in fiscal 2028, which would be fourfold as compared to fiscal 2023's estimated revenue of $2.05 billion. If the company is able to quadruple its revenue once again over a five-year period from fiscal 2028 levels, its top line could exceed $30 billion after a decade.

Snowflake is capable of hitting this mark thanks to its solid market share and a TAM worth nearly $250 billion as discussed earlier. Multiplying the $30 billion revenue estimate for fiscal 2033 with the industry average price-to-sales ratio would translate into a market cap of $480 billion, which would be 10 times its current market cap.

So, Snowflake could turn a $100,000 investment into a million in a decade, giving savvy investors a solid reason to buy and hold this beaten-down stock for a really long time.