Maybe “on prem” but largely managed by someone else, which is already a thing.
[edit] to editorialize, I also think ~everyone is going to get this very wrong. I think doing this stuff such that you don’t grind productivity to a halt but also don’t have mile-wide vulnerabilities is goddamn near an Apollo Program level of difficult, and basically nobody is treating it that way (and a lot of them would probably sooner abandon their grand mass-data-total-control plans if they had to treat it that way—which is exactly what I think most of them should do, but execs just love the idea of perfect legibility of data and processes end to end on their phone or whatever, even if it’s in-fact just a money-wasting and risk-generating fantasy for most companies)