For years, the BlackBerry was the smartphone of choice among professionals seeking ironclad security features and super-fast email.

But its perch at the top of the corporate and government ladder, the cornerstone of its business and perhaps its last bastion, has begun to erode. And that’s raising worries among investors and analysts that BlackBerry Ltd. may be running out of time.

A slew of businesses and government agencies have abandoned BlackBerry phones in recent months, a troubling trend for a company that has been refocusing its attention on business users after watching consumers depart in droves.

“Ultimately, we are skeptical that BlackBerry can penetrate the consumer market, and its remaining enterprise installed base is no longer large enough to drive unit sales” beyond August, Kevin Smithen, telecom analyst for investment firm Macquarie Group Ltd., wrote to investors. “We think the likely end game for BlackBerry is a breakup or liquidation at a lower price.”

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