Verizon Entering Sharing Economy With Car-Sharing App

The sharing economy is undoubtedly on the rise, with its global revenue set to hit $335 billion by 2025. Now Verizon wants a piece of the growing market too. The telecom giant has announced its plan to launch, later this year, a mobile app to connect independent car owners and rental agencies with would-be drivers on the go. The rising popularity of on-demand car-sharing has led to the recent successes of ride sharing apps such as Lyft and Uber, but Verizon has bigger plans—it is said to be expanding the platform to other connected resources in the sharing network.