Becoming a millionaire from just one stock is rare -- although it has happened. However, if you can pinpoint a stock that can grow well above market pace, you can accelerate your path to becoming a millionaire alongside a well-diversified portfolio.

One stock that has strong potential to do that is UiPath (PATH 2.18%). The company is primarily in the robotic process automation (RPA) space but also uses artificial intelligence (AI) to increase the capability of its platform.

I'm excited to see what UiPath can do over the next decade, and I think that 10 years from now, investors will be thrilled to look back on their decision to buy the stock.

RPA is a large market for UiPath

RPA might sound like a technology that's coming for your job. While that fear could be warranted, it's not its goal. By automating tedious or repetitive tasks, UiPath's software frees up employees to do more critical thinking.

Not having to do the same task over and over each workday improves employee morale. And with the inclusion of AI, the number of tasks UiPath can automate increases, as it can pull information from communications, processes, and other in-house data streams.

Another handy tool UiPath has is its task-mining add-on. This monitors employees to pinpoint which tasks could be automated, even if it doesn't seem repetitive.

The RPA market opportunity might not be that big right now, but it's expected to become a massive business trend in the next decade. Polaris Market Research pinpointed the total RPA opportunity at just $2.6 billion in 2022, but it's forecast to have a 37.9% compound annual growth rate to reach $66 billion by 2032.

That's incredible growth, and UiPath is well positioned to capture a large chunk of the market.

UiPath's stock is fairly priced and ripe with upside

In the third quarter of fiscal 2024 (ending Oct. 31), UiPath's annual recurring revenue (ARR) rose 24% to $1.38 billion. While that rate is less than the overall RPA market is growing at, it's still respectable. Furthermore, the company could sustain its growth rate well into the next decade without hitting a ceiling.

Should UiPath continue growing at a 24% clip until 2032 (the 2033 fiscal year for it), revenue would be $10.1 billion. That's a massive increase, but this projection is reasonable considering how large the RPA market opportunity is, especially since it's nearly a decade away.

This would translate into awesome stock performance, but what can investors expect?

Currently, UiPath trades at around 10 times sales -- cheaper than a mature software company like Adobe or Autodesk.

PATH PS Ratio Chart

PATH PS ratio data by YCharts; PS = price to sales.

This tells me that the stock is fairly valued, meaning investors can expect return rates nearly equal to its revenue growth rates.

This analysis has one caveat: Investors might discount the stock if the company doesn't become profitable; while UiPath isn't making money yet, its operating-loss margin improved from 26% in the fiscal 2022 third quarter to 17%. With the company on the right track, it will likely be fully profitable by the time 2032 rolls around.

So, if investors can expect a 24% rate of return (equal to ARR growth), then UiPath's stock should return just shy of 700% over the next nine years. While that would require an initial investment of about $140,000, the effect of owning even a small amount of the stock would be large.

UiPath is a great choice because the company can crush the market over the next decade. While it might not be able to make you a millionaire directly (unless you invest a lot initially), it looks like a fantastic stock pick right now.