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.