Cloud

A “replacement” for cloud hasn't come, in fact, cloud is getting more robust. Companies small and large are adding new technologies to it (serverless, mobile, machine learning). Also, cloud has leveled the playing field, enterprise businesses aren't the only ones who can create new technologies quickly, because it has lessened the initial investment & barriers to entry. So much so, that any individual with an idea can start a business. That said, only 60% of companies have adopted cloud with it's fastest growing users base being mobile application business because of how fast, reliable, and accessible it's service are (from anywhere in the world).

Not willing to make the investment in people and infrastructure - Create analytics dashboards to triage issues. 
Most SMB or startup companies that are in growth mode don’t worry about making and planning for your future growth/scale is becoming more paramount (don’t fumble through growth)

Cloud is an integral part of emerging technology (AI, ML) but it needs to mature. The reliance on three main cloud business and the amount of strain these emerging technologies will put on the current cloud infrastructure will push it to the point of failure. Also, as these technologies evolve questions will continue to arise about cloud security and data ownership (you don't want other companies stealing your secret sauce). To address these concerns, more large tech companies will build their own enterprise servers. Initially they will use them for internal use cases (LLMs, AI) but will beginning selling externally. With all that said, investing in cloud will still pay off and become more valuable over time.