The rate of private cloud adoption has been gaining momentum as many users prefer to settle for more secure and flexible solutions offered by cloud service providers.

"Private Cloud Customer Report," which was conducted by Technology Business Research Inc., is the first of three customer-facing research initiatives, surveying 650 cloud end users across North America, Europe and Asia in order to calculate vendor opportunity, customers and competitive landscapes, according to the company's press release.

The data in the report detailed customer perception of competing vendors, barriers and drivers of adoption and predicts buyer behavior. From this, the study helps form a blueprint of private cloud vendors' competitive strategies over the next five years.

In the past, businesses that have adopted private clouds often did so because it filled the gaps left by public solutions. However, many organizations are now enticed by private platforms due to their versatility and the flexible solutions that are able to quench the demands of more sophisticated cloud users. Growing requirements of businesses for the cloud, according to the research, will lead to a "29 percent year-to-year increase of workloads run on private cloud solutions, from an average of four in 2013 to 10 in 2014."

Not only are enterprise demands projected to increase, but revenue generated from private cloud adoption is expected to reach $69 billion in 2018.

"Private cloud has truly come into its own as a delivery mechanism that customers understand and are using to achieve the benefits of cloud where public options are either not available or viable," said Allan Krans, lead cloud practice analyst at TBR.

Benefiting organizations worldwide  
Firms in nearly all sectors are benefiting from cloud-based solutions. The United Kingdom's financial sector has been able to bounce back from the devastating blow dealt by the global financial crash in 2008, according to TechMarketView's "Financial Services SITS Market Trends and Forecasts" report.

Spending on IT services in the U.K.'s financial sector is expected to grow by 3.6 percent each year until 2016, with enterprise cloud software and application services predicted to see three percent growth per year in order to enable central cost control. Infrastructure-as-a-service cloud offerings will also enjoy healthy gains as more firms look to third-party vendors to help reduce IT costs.

In Singapore, the country's public health system will be consolidated into a private cloud called the "Consolidated Healthcare Cloud," or "H-Cloud," according to a FutureGov article. The solution will host all mission-critical systems for every public hospital and clinic managed by Singapore's Integrated Health Information System, which will provide better support to more than 30,000 healthcare users.