However, there is an elephant in the room which is the politics of the nation state. If the nations of the world start to demand that their citizens data always be stored in their country, then it become harder for global centralised cloud infrastructure to dominate. In essence, the Googles and Amazons of the world will have to build data centres in individual countries which will increase costs. Smaller countries will be left out in the cold as the big player would simply not want to invest in a such small countries, though they might form partnerships with local companies, providing the tech but leaving the operational details to the partner.
This is pretty much the situation in ERP software. Due to the plethora of GAAP and local legislation, ERP software vendors have to make a choice on which countries to support and which countries to make use of local business partnerships.