There may be differences between the continents here but at least in Europe I don't see a future with enough staff to warrant an IT department. Consider that most of the stuff we do today are actually being done by computers: robotic assembly in industry, online retail, digital video workflow in journalism & entertainment, online learning, learning algorithms on big data replacing analysts with spreadsheets, bureaucracy moving from people to algorithms and databases with web front-ends, hell even driverless cars replacing taxis and goods transports. We will need the "common Joe" to be as proficient with a computer as the baseline in any IT shop today. Sure for old companies stuck in the pre-internet world that have to answer phones, do spreadsheets and carry crates - there will be a place for an IT shop but a company starting up today has to vacuum up the able people so IT shops in old companies will experience brain drain. If you start a company today and think you need a fax-machine, a printer, a mail-server, a laptop per employee with the office on it - you are looking at it the wrong way. Hell if you need employees you are probably not thinking it through.
Sure history is cyclical. Everything will happen again. But the internet and the huge dent it has made on every possible business out there - we are just seeing the start of a transition to another way of structuring companies. People say that "ze cloud" is too expensive for IT. That might be true for an old shop. But if you don't have whitespace, techies, cables, a good power deal, servers or even a building - that's a hefty price tag right there to get to a place where scaling the sucker is an even bigger investment. Buying IaaS and SaaS makes sense in the same way as not creating your own electricity and not building your own servers. Things are going to change but for most people it just means being employed somewhere else doing the same thing but for more customers.