I think in this new era of endless security breaches at cloud firms and M1-style processing innovation we'll see a slow but steady migration away from the cloud.

I’m going to take the other side of that prediction:

Endless security breaches will encourage firms to do “less IT” themselves and accelerate the adoption of SaaS solutions (and PaaS, with no/low-code etc.)

Also, perhaps not a massive driver but still, not for nothing: M1-style processing innovation (ARM) will see more developers creating for ARM servers, because they can, which will almost exclusively be run by the hyper scale cloud providers.

I used to think like this but the total cost of ownership of on-prem is substantially higher, and it has its own security implications too.

I laugh at the thought that every company trying to host 20 vendor apps is more secure than having the company that wrote the apps host them. Self hosted apps get updated on a much much slower schedule and don't have access to the brains who built the software.

Cloud based solutions are demonstrably not secure. The brains who built the software clearly can't keep it secure either.