Cisco Systems CSCO recently dropped its initiative to enable digitization in modern cities under its Cisco Kinetic for Cities platform.
Cisco Kinetic for Cities is an application-enabled platform, which is delivered as a cloud-based service. It integrates and organizes sensor data from city infrastructure sensors and other sources in order to drive resident engagement and improve the quality of life by generating new revenues and job opportunities.
According to The Wall Street Journal, the company has terminated its Cisco Kinetic for City product software services. It intends to realign its investments around its key business of networking equipment and security. The coronavirus outbreak has constrained local government’s potential to spend their budget on these projects.
The company also stated that it would reduce $1 billion in expenses and lay off employees in the wake of changing consumer spending patterns due to the pandemic.