Does going to XM + Personalize also require a switch to Managed Cloud?
No. The customer can bring their environment over as part of the deal, but this is not a prerequisite. They can pair SaaS (Personalize) with their existing XM installation.
What are the limitations of hosting on Managed Cloud? Can we cover all our current markets in regard to data privacy and governance laws?
Yes, provided that the data center provider has these options. For example, AWS and Azure are the target partners with Azure being the primary partner now.