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In a way it is like the transition from when every village had a blacksmith or two to the industrial age, when production of metal goods shifted to foundries. A lot of people (and I mean a lot, look in the phone book and see how many "Smiths" are there) had to leave their profession and do something else. Was this a good thing? Not in the short term for many blacksmiths, and one could argue against industrialization to a degree, as long as they ignore the increased life expectancy and improved standard of living that took place for much of the industrial and post-industrial eras. But how many former blacksmiths sons became writers or philosophers or scientists instead of following in their father's footsteps as a result of the shift? Sure, some of them probablyi became psycopatic mass murderers, but you can't win them all.
In short, yes, I do think it is going to put some IT professionals out of work. But there will still be a need for IT skills. A company might not have on-site servers, for example, but it will still have a network, people will still forget their passwords, spill coffee on their laptops and [some people - you know who you are] will still download porn delivered malware. So while I would look at broadening my technical skills, I would also give thanks to all the forgetful, clumsy, randy people who will continue providing us with problems to solve.