The days of BlackBerry as we know it are numbered, experts said Monday.
"This company cannot be turned around," said Trip Chowdhry, an analyst at Global Equities Research. "It's a one-product company, and that product is almost obsolete. The world has declared the winners are Apple and Google. ... The market is going to be run by only two players—there won't be a third category or others."
BlackBerry announced Monday that it was replacing CEO Thorsten Heins, along with much of the rest of the leadership team. In addition, it said that instead of a direct buyout, Fairfax Financial and other institutional investors would invest $1 billion in the smartphone maker through convertible debt securities. That deal is expected to be completed in the next two weeks.
(Read more: BlackBerry shows CEO Heins the door, abandons Fairfax buyout )
In September, BlackBerry agreed to be purchased by Fairfax for $9 a share in a deal totaling $4.7 billion. It also entertained bids from other suitors.
Since neither Fairfax nor any other party is buying BlackBerry, it clearly needs to make big changes to survive, said James Faucette, a wireless equipment analyst for Pacific Crest Securities.
"Nobody got what they wanted," he told CNBC's "Squawk on the Street." "The people who wanted to take the company private obviously couldn't raise the debt that they wanted. Those who wanted to see it stay public and stay on its track—or it's attempted recovery track—they're going to be diluted if it is successful."
But, Faucette added, "you're going to have to see massive changes in their business structure. If it's going to survive, it's going to have to look much different than it does today."
BlackBerry doesn't have the time making these big changes would take, however.
"Sometimes I think companies just run out of time," said Carly Fiorina, the former chairman and CEO of Hewlett-Packard.
For one thing, BlackBerry waited too long to put itself up for sale, she said, and it lost track of what customers want.
"They were so busy chasing Apple and Samsung, and they chased them way too late," Fiorina said. "I think they lost sight of why they had kept the customers they had, and they were chasing a competitor instead of staying focused on their customers. They lost a ton of time in the process and ... lost a lot of customers."
Chowdhry said he sees BlackBerry as being forced to sell off its only valuable asset—its intellectual property.
Even if BlackBerry takes that course, it's unclear how much money that would bring in.
"The big question in the industry as a whole is how much is the IP worth," Faucette said. "We haven't seen a lot of rewards given in legal cases, so that may be tamping down value of IP. But it's worth what somebody is willing to pay for ... either the protection or assertion rights, and I think that is a hard thing to value right now."
It may not have to come to that though, according to Stephen Beck, a partner at CG42, a management consulting firm specializing in technology and telecommunications.
Other tech companies, including Apple and IBM, have reached the point of no return and made a comeback, and BlackBerry can turn around if it takes the right steps, he said.
The company must concentrate on existing customers and stop trying to copy the competition, Beck said. "Putting the customer back at the center of the development cycle—the seeds for the turnaround lies there," he added.
But before that, he said, BlackBerry needs management that can drive innovation and pave a way in the market.
"There's value in their portfolio. ... So what they need is someone to come in and get them refocused on the marketplace and customer, and how their assets can drive value for the business and consumers," Beck said.
"It's going to take a strong, impassioned management team that is focused on what is right for BlackBerry and not replicate Apple and Google."
BlackBerry did not respond to CNBC.com's request for comment.
—By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.