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I work at a Fortune 50 company and the pendulum for us has already swung back around. 5 years ago it was all "move everything to public". Now, we're building a bunch of on-prem infra and there are huge projects to move workloads back.

For us, on-prem is about half the cost for compute and storage vs public cloud.

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Problem is that management is usually not skilled enough (or just greedy for bonus money short term) to understand what is happening. Cloud is good if you are tiny or need to scale really fast if you are growing and then move out of it. For the bigger companies it can be a good strategy to scale out, but for that you only need IAAS and no fancy cloud vendor lock-in products. you will always be cheaper if you build it on your own, if your usecase is heavy load.

you might be cheaper with colocation instead of building your own datacenter but most enterprises still have a need for their own anyway.

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