IBM on Wednesday announced IBM Cloud Private, a software platform that allows enterprise customers to run applications and store critical data in an on-premises, private cloud environment. The new service employs a Kubernetes-based container architecture that supports both Docker containers and Cloud Foundry. IBM also introduced new container-optimized versions of core enterprise software including Websphere Liberty, Db2 and MQ. Companies in heavily regulated industries like finance and healthcare have embraced private clouds as they plan their transitions to public cloud environments, IBM said. Companies will spend an estimated US$50 billion per year on these efforts and grow private cloud business at an estimated rate of between 15 percent and 20 percent per year. "Innovation and adoption of public cloud services has been constrained by the challenge of transitioning complex enterprise systems and applications into a true cloud native environment," said Arvind Krishna, senior vice president for IBM Hybrid Cloud. IBM Cloud Private brings "rapid application development and modernization" to existing IT infrastructure, he said, and allows it to be combined with the services of public cloud technology.