First: what is 'Cloud'?
There are a lot of definitions out there, none of why I really like. Part of the problem is that they try to give one consistent definition from all points of view. However, I believe tjhere must be TWO independent definitions - one from the 'user' perspective and one from the 'operations' perspective.
A compute cloud provides the right service (CPU, memory, storage, database, application) at the right time (day, night, month-end, year-end) to the user (person, department, system), without the user needing to be aware of the location of that service.
A compute cloud includes the infrastructure and metrics to permit appropriate, best-practices, architecture to permit support and configuration of the hardware and software needed by the user.
This is basically the same distinction as the electrical grid: users simply want electricity to be available when they plug-in and flip the switch; operators need to provide a very complicated, metered, and interoperable infrastructure to make the delivery nearly invisible and ubiquitous.
Basically, the future directions are "XaaS" when X is any of "hardware, platform, network, software, database, application [mail, website, WLS deployment platform, sales force, financials, database, etc.]" and 'aaS' is "as a Service".
And Oracle is playing there - with OracleVM, Oracle Linux, Oracle Enterprise Manager, Oracle WebLogic Service VM templates, Oracle Database VM templates, Oracle Database PDBs, Oracle APEX, Oracle ADF deployment, and so on.
The core infrastructure is growing up. See Kai's blog kyuoracleblog.wordpress.com and Wim's blog at https://blogs.oracle.com/virtualization/
Also watch for DB as a Service ... buy DB instance, database, schema and/or table on demand.
This an much much more is discussed in teh IOUG Cloud SIG
Separate note - a big shout-out to my dear friend Todd Trichler. Todd used to be the face of Oracle Linux and OracleVM to the user community.