But it will take a long time for that to happen. The current cloud apps for Office 365 are a mere shadow of the local apps and a lot of them are missing (Access, Publisher, Project, Visio etc.).
Also, we have Office 365, but we can’t store files in the Microsoft cloud (company and regulatory reasons), therefore the cloud apps are a non-starter, as they can’t work with local files, which is still a requirement in some countries and industries.
Also, a lot of corporate software integrates directly into MS Office. Our telephone system links directly into Outlook and you can see who is telephoning from within Outlook and directly dial the phone from a contact. Our DMS is tightly linked to office, you can book files in and out of the DMS directly from within Office programs. Our ERP software generates reports directly in Excel.
That is the area where the cloud versions just can’t compete at the moment. Add into that the missing features and lack of macros on the cloud versions and they have a very long way to go.