Eventually people will get fed up with paying $4.99 in perpetuity to a dozen or more vendors, and we'll have single pay licensing again. Legislative changes relating to data protection will complicate cloud migration for some professions, and I imagine state spying is starting to have economic impact.
I've seen the cycles too; the difference there is a legion of programmers and a even bigger pile of code out there. Computers (hardware) are also trending to very low cost now as well.
Software trends to zero in volume as there's no marginal cost; I'd expect more and more core functionality to be free. This has already happened to some degree in the Apple ecosystem, and Microsoft is bundled with everything.
Another prediction: More and more functionality will come bundled into the OS, and you can factor on paying a subscription for it (or the fee when you upgrade).
You want to jump on the next big rage? Nice, clean applications, web based or not, devoid of crapware and malware and in-app-purchases and ads that do what they're supposed to, cleanly, nothing more, and easily connect together through standard interfaces. It's almost like someone built something like that before.
On the other hand, no application is complete until it has an email client..