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As of now, we need both. Since home - wifi speed is getting better, cloud sync will be useful but local storage is an easily & convenient option too. It's always better to have both for backup. As data plan will get better we might see a huge usage of online music streaming apps. This will save a good amount of storage space in devices.
never cloud storage can replace the external storage as the cloud can be accessed in only the network available areas but not in remote areas, and also you can keep multiple memory cards with you. ofcourse external storage has the chances of getting lost but everything has its own pros and cons.mostly nowadays high internal storage devices are already replacing the external.at last the external storage will always be dominant than any other storage's.