Google Wave was expected to revolutionise the way people communicated and worked together by combining email, instant messaging, wikis, online documents, file sharing, chat rooms, networking and gadgets into a single portal.
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But now the internet firm plans to stop developing Wave as a standalone product and shut down the Google Wave Web site by the end of the year.
The central part of the code and the protocols that have driven many of Wave's innovations are also available as open source to customers and partners to continue the innovation, said Hölzle.
For those who did adopt Wave as a way of sharing content, Google will work on tools so that they can easily "liberate" their content from Wave, said Hölzle.
According to the New York Times, Wave's failure could be attributed to its confusing plethora of features and competition from the likes of Saleforce's Chatter.