Virtualization is the creation of the virtual version of a device or resource such as a server, storage device, network or operating system that enables better performance while managing workloads effectively. It leads to improved server utilisation and consolidation, dynamic resource allocation and management, workload isolation, security and automation. Leading corporate organisations such as Intel are venturing into the field of virtualization with Intel Virtualization Technology or Intel VT. It is enabling virtualization to be practical while eliminating performance issues and improving security. Network function virtualization or NFV technologies from Intel enables network and security functions to be deployed as software on standard high volumes servers in the data center and network nodes. Network Function Virtualization appliances can co-locate with business workloads in virtual domains. IBM is another leading corporate organization providing Rational Test Virtualization Server that reduces set up time. It is functional in simulating real system behaviour to accelerate software development and testing. It also updates, reuses and shares virtualized test environments to gain efficiency. While opting for the IBM’s virtualization test server, organisations can benefit from integration with other tools to improve performance and quality management. The applications of virtualization are leading IT leaders to consider it their priority in 2015. Sever virtualization is always been common and the process of virtualization is extending to networks and security systems to increase the efficiency of the IT sector. There is a steady increase in employing network virtualization, applications and security virtualization. Coca Cola Co. is an example for opting software virtualization to improve its security. Virtualization is truly gaining importance as a significant technology with several organizations opting for it.