Here's how Apple, already the world's biggest company, can get even bigger

Apple CEO TIm Cook

Bank of America Merrill Lynch said in a note to investors on Friday that Apple has a huge opportunity to increase its revenues by $100 billion in the long term by entering new product areas, including expanding its presence in healthcare, exploring the console gaming market and launching a Siri smart home assistant.

"In our opinion, Apple is well positioned to capture share in the video game market using its iOS platform, but also to leverage that more broadly over time to support an experience similar to console gaming," BoA Merrill Lynch said. "Further recent hires suggest that the capability of the Apple TV can incorporate console gaming and set-top box all integrated into a single product down the road."

Analyst Wamsi Mohan raised his 12-month price target on Apple to $180 from $155. The shares, which are up more than 30 percent this year, closed at $153.95 a share on Thursday, sporting a market value of more than $800 billion.

Reports have long suggested Apple wants to turn the Apple TV into a streaming hub, complete with its own streaming TV services offering, though Apple hasn't launched that sort of product yet. The Apple TV already offers iOS gaming though it is considered more casual than gaming consoles such as the Sony PlayStation 4, Microsoft Xbox One and even the recent Nintendo Switch.

BofA Merrill Lynch also sees a big market for a smart home assistant powered by Siri that could compete with the Amazon Echo and Google Home. "We estimate the potential market at $7.5 billion. To size this, we factor a 5% penetration (attach) into the iPhone installed base of 600 million units. Assuming a sell price of $250 per device, we estimate a $7.5 billion potential market for Apple." Rumors suggest Apple may announce such a device as early as WWDC next month.

BofA Merrill Lynch addresses the potential for an Apple Car, too, suggesting that Apple has a $1 billion revenue opportunity by 2020 and a $27 billion revenue opportunity by 2025 if it develops and starts selling an autonomous car by 2020 with an average selling price 10 percent greater than that of Tesla's Model S. Apple would also need to, by 2020, grab twice the market share that Tesla had in 2012 for this to work. Despite the bank's predictions, rumors that Apple is actually building a car, versus helping partners to do so, seem to be dying down.

The bank also sees an upside in virtual reality, which it says will have a total addressable market value of $30 billion in 2020.

Apple doesn't necessarily need to enter the markets, though our guess is that it will dip its toes into new areas at some point. BofA Merrill Lynch said that, even if it sits still, the markets Apple currently addresses (smartphones, tablets, wearables and desktops/laptops) can generate as much as $550 billion in revenue by 2020.