Alphabet, Inc.'s (GOOG) answer to Uber and Tesla (TSLA) on self-driving cars might be a major catalyst to get the company over a trillion-dollar valuation, experts say.

At 2:10 p.m. in New York, shortly after the senate hearing that produced some volatility, the stock held at a gain of 0.6%.

The small gain gives the company a valuation of $828.3 billion. Experts think that could hop over $1 trillion with the help of driverless cars under the Waymo banner.

"We revise our Waymo model for three emerging business models - ride sharing, logistics, licensing - and increase our enterprise value from $75 billion (ride sharing only) to $175 billion," Morgan Stanley analyst Brian Nowak wrote in a note. "Waymo is key to our new $1,550/share GOOGL sum-of-the-parts [target]."

That share price would propel the company to an approximately $1.1 trillion valuation.

Upending Uber

The first and most promising avenue for the driverless car program is to supplant Uber as a ride-hailing service, displacing a company valued at $72 billion.

Without the overhead of paying drivers, Waymo's services would be able to be provided at a cheaper rate than Uber's and further would direct all profits straight back to Google and thus shareholders.

The idea of self-driving Taxis ala Total Recall is not far off, either.

"The focus has been to launch the commercial rider program in Phoenix that we've talked about, looking to do that by year-end," company CFO Ruth Porat said during the company's earnings call in July. "We do view that as a first step in building a more fully rolled out rider program in the future."

If the trials at the end of this year go well, Waymo could prove a major stock-mover in 2019.

Up against Tesla

Morgan Stanley also noted that logistics for Waymo could be a growth engine, offering Google further partnerships with global trucking companies by addressing labor shortages and decreasing trucking costs.

"Waymo could address roughly 80% of the $3.1trln global freight transportation market and evolve into a logistics player for long-haul and last-mile delivery," Nowak wrote.

The battle over the multi-trillion dollar market will draw numerous competitors. Luckily for Google, data shows they have a bit of a head start in safety and reliability.

Reports submitted to the California Department of Motor Vehicles by self-driving vehicle manufacturers during 2017 indicate that these types of cars often require "disengagements", or a need for human drivers take over from automated systems.

According to the report, Waymo had the lowest disengagement rate, touting 63 interventions over 352,545 miles, or one per 5,600 miles.

Meanwhile, Tesla, the headline-grabbing company that has focused on providing self-driving electric semi-trucks, attracted all of the wrong attention this year due to its fatal driverless car crash in May.

Amazon Battle

In Wednesday's senate hearing, Amazon and Google sat side by side in front of senators to field questions.

In the chamber of retail, they may instead be standing in opposition to one another as Waymo cashes in on Walmart's e-commerce push.

"For Retail, we see Waymo as a way to attract new customers for (WMT) , strengthen its alliance with GOOGL against (AMZN) , and potentially increase physical store traffic," Nowak wrote.

Walmart has already mapped out a pilot program for its online shopping platform in Arizona.

Walmart explained the program as a "grocery chauffeur" with no need for in-store shopping. The program is a direct answer to Amazon Fresh.

To be sure, Google will have to contend with some of the largest companies in the world as it looks to build out Waymo to lead the new world of automotives.

Good news for shareholders is that analysts and testing experts note that the service is headed swiftly to hitting the finish line on driverless vehicle implementation and a one trillion dollar valuation.