There is a general market transition from traditional on-premises software to cloud-based services. Many leading software providers have shifted their portfolio to the cloud (e.g. Microsoft, Oracle, SAP, Google) as benefits exceed the disadvantages. In case your institutional restrictions apply, you may use the on-premises subscription, but in many cases an additional agreement (DPA) enables the use of our cloud service (Please consult your legal department!).
You can always migrate from on-premises to cloud-based service any time.