Google Wave, the new web application for real-time communication and collaboration allowing people to communicate and work together with richly formatted text, photos, videos, maps, and etc. – will no longer be developed by Google because of its lack of market success.
In a blog post:
Wave has not seen the user adoption we would have liked. We don’t plan to continue developing Wave as a standalone product, but we will maintain the site at least through the end of the year and extend the technology for use in other Google projects.
Google CEO Eric Schmidt called Wave as a “clever product” with lots of features, but it didn’t get enough traction; so Google are taking those technologies on Wave and will apply them to new technologies that are not yet announced.