The technology that allows for the virtualization of hardware resources is known as virtualization software, which enables the creation of virtual instances of physical hardware. This technology permits multiple operating systems to run on a single physical machine, optimizing resource utilization. By abstracting hardware components, virtualization enhances system efficiency, flexibility, and scalability. Common implementations include hypervisors, which manage VMs, enabling seamless resource allocation and workload distribution. Moreover, virtualization contributes to reducing costs and simplifies cloud computing environments, promoting business agility.