It's more of the present than the future. Private cloud's already becoming more and more mainstream as the cost of VDI implementation decreases. Sure, some of the data-heavy and graphics-heavy processes like CAD will stay much as they have been, but it's commonplace, if not soon to be the standard to have one's IT infrastructure off in either public cloud such as AWS or Azure, or have a private cloud in a datacenter or colo somewhere else. There may be an extension of that infrastructure in the office, such as a local DC/DFS replica server. IT's still doing the same things it always has, which are keeping the systems running optimally for the business, supporting users, training and developing the userbase, and helping choose technology to help the company grow and perform. The where and how of it have just changed a bit.
With the exception of manufacturing and companies dealing in physical items, the office isn't the company anymore. It's just where people come to work. Keeping legacy infrastructure around goes against that culture shift.