There are a number factors at play here. Avaya's woes are well...

There are a number factors at play here. Avaya's woes are well documented and easy to look up. Genesys are in thr process of product consolidation. 8x8 bit off more than it could.chew with its takeovers recently and is also changing the model it uses to sell outside the US.

With regards to the industry as a whole, it is facing economic headwinds with belt tightening all over the place. And you also need to add in the consolidation and rationalizations happening in the tech industry, at an accelerated pace.

I also have my own views (and they are purely my own views) . The industry as a whole has learnt nothing from history. The Y2K issue allowed the industry to scare people into buying stuff they didn't actually need, and generated a feeding frenzy. It killed the sales cycle for a number of yeares and brought a number of players to their knees. Covid has created a similar effect. Now the industry has effectively killed the sales cycle for the next 2 years. I believe things are going to slow down dramatically for everyone. Hope I am wrong but the signs are all there.