Amazon's web services division has been great for the company so far, but it may face a new competitor soon.HP Enterprises impressed investors at an event Tuesday.

"The company announced that it had become the infrastructure partner for Dropbox on a global basis, which was in part moving away from Amazon Web Services, showing the competitiveness of the portfolio.

Dropbox partnered with HP to build out its data centers after leaving Amazon earlier this year.

The company provides data analytics, security and IT services through its software, and it is predicted to be the fastest growing area for the company, according to Ittai Kidron, an analyst from Oppenheimer.

"While no major acquisitions were made here in recent years, R investment has increased and the portfolio refreshed," Kidron said in a research note.

"To help spur these growth areas, HP is spinning off its services division.

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