The one thing I could see giving a resurgence to "off-line" for mainstream use, is latency -- more concretely -- the low latency tolerance of VR. But then again, as long as you can stream enough data/logic to the "terminal" -- even that shouldn't be a problem.
I do hope the industry can help shift things towards locally cacheable/locally hostable solutions, though. I'd much rather run some "cloud" office suite on my server, with the option of taking it with me off-line from time to time (and then perhaps sync up whenever I'm on-line) -- than having my data on a third-party server. Or servers.
I'm afraid the more likely future, is a future where a majority of users are locked-in to the whims of mega-corps -- and the scariest part of that, is that those that are leading in providing "cloud" services actually have a business model that centres around (ab)using the data, not charging for the services they provide.