Yes, there is a cloud based ePO option, not sure if you've taken a look at this:
The modules and everything on your endpoints are still installed locally on them, it's just your ePO/DB/Repositories/etc. are hosted in the cloud.
can we install modules like application control , DLP , encryption as well in the ePO cloud ?
As far as I know encryption may be the stumbling block unless you can get the ePO cloud solution to connect to your AD server, but the rest should be able to be hosted in the cloud, as they do not necessarily rely on AD