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Singleton is used when we would like to reuse an object if object is not supposed to hold request or thread specific information. Inversely Prototype is used in situations where we would like to reuse the object information but the request / thread may require it own data to be persisted.
In short, Singleton is used in situations where we can live with single object being shared across multiple requests or threads whereas Prototype is used when we need duplicate copies of objects.
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Very frequently asked. Usually followed by questions related to private constructor and synchronized access. Frequently asked in JPMorgan and TCS (Based on 2 feedback)