The increasing popularity of Uber and its remarkable growth in recent times hints that the era of poorly paid cabs is apparently heading towards its end.

Uber was founded in 2009; and in places where the Uber service is available, each corner is a virtual cab stand. Ever since its launch, the Uber service has expanded to 60 US cities; with the company claiming that it can deliver a ride to 43 percent of Americans within five minutes.

According to the findings of a Uber-commissioned ECONorthwest study, the company's impact on the US economy is $2.8 billion a year, via direct, indirect, and induced means.

Uber currently employs of hundreds of thousands of drivers; with the Uber platform boasting the addition of 20,000 drivers a month in 2014. Moreover, as per the figures shared by the San Francisco Cab Drivers Association, one-third of the association's drivers have ditched their registered cabs in one-year span in preference for driving for services likes Uber, Lyft, and Sidecar.

With Uber using technology to disrupt the traditional cab industry, Rachel Holt - Uber's general manager for the East - said: "New people are flocking to Uber in part due to the money that they can make and due to the flexibility you have, basically being able to decide when you want and where you want to work."