It's clear from the terms that, The public cloud is freely available for access, whereas the private cloud allows the usage of services by a single client on a private network.
Can someone shed some light on when is each useful?
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A typical cloud is a network of servers that's accessible to public. But an organization may setup its own private cloud and allow access only to its employees spread across various geographic locations. As Durga says, Banks typically use private clouds. The data will strictly be private as against public on regular cloud. 😀