What Does Private Cloud Mean?

Private cloud refers to a model of cloud computing where IT services are provisioned over private IT infrastructure for the dedicated use of a single organization. A private cloud is usually managed via internal resources.

Techopedia Explains Private Cloud

There is some controversy around the very idea of a private cloud. The central idea of cloud computing is an organization should not need to build out and manage computing infrastructure itself. By utilizing cloud vendors, an organization should lower costs while receiving services and applications that are on par or better than what could be done in-house. Given this, a private cloud would seem to be going backwards. An organization would still need to build out and manage the private cloud infrastructure and not get any benefits from the economies of scale that should come with cloud computing.