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What are the main differences between cloud and traditional premise-based solutions?

Organizations primarily choose cloud services for the following reasons: (1) to shift costs from CapEx to OpEx; (2) to speed secure access to new applications; (3) to gain business continuity vs. the cost of hourly downtime; (4) to streamline IT support & maintenance; and (5) to offload non-mission-critical IT workloads.  Traditional on-premise solutions offer precise, physical control over every aspect of the system; however, there are significant drawbacks in having to keep pace with new protocols, equipment, system changes, and even facilities, insurance, heating and cooling tied to housing the on-premise network supporting the non-mission-critical IT workloads.