A community cloud is a multi-tenant infrastructure that is shared among several organizations from a specific group with common computing concerns. Such concerns might be related to regulatory compliance, such as audit requirements, or may be related to performance requirements, such as hosting applications that require a quick response time, for example.
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The goal of a community cloud is to have participating organizations realize the benefits of a public cloud -- such as multi-tenancy and a pay-as-you-go billing structure -- but with the added level of privacy, security and policy compliance usually associated with a private cloud. The community cloud can be either on-premises or off-premises, and can be governed by the participating organizations or by a third-party managed service provider (MSP).