It depends on whether more things go wrong in the 'cloud'. We've seen clouds evaporate recently with comms or server issues. A name-change may be in order soon.
It does appear that , in reality, the 'cloud' has been around for a while, it's just it was never called that at the time.
This time it's supposed to be used for saving a shed-load of money by not having your own servers, for saving on processing by using others in multiple configurations.
I can see a time in the not too distant future where local storage will become popular again due to network failures and even DDOS.
The reliance of others to provide your necessary services (think privatisation) is not always the best route to follow.