Hello Shan,
Jira tests shows that a 32 bit JVM is slightly faster than a 64 bit JVM under some workloads, however you may need a 64 bit VM for a larger heap. We recommend you choose based on your needs rather than performance as the difference is negligible. If unsure, we recommend using a 64 bit JVM.
About the size, there are no specific, quantified best memory sizes, amount of vCPUs, etc. The best practice to determine the correct sizing is to perform load and performance testing.
For this activity, Atlassian has produced manuals how to conduct JIRA Performance Testing with Grinder
Basically, to give you a start, for a small number of projects (less or equal to 100) with 1,000 to 5,000 issues in total and about 100-200 users, a recent server (multicore CPU) with 2GB of available RAM and a reasonably fast hard drive (7200 rpm or faster) should cater for your needs, for more than 100 projects you should monitor JIRA memory usage and allocate more memory if required.
For more information, you can access Atlassian public documentation here:
Jira Requirements
Virtualizing Jira on VMWare (Can be applied to other virtualization software)
Jira performance test with Grinder
Jira application Installation Requirements
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