As everybody knows virtual means not real or making an illusion of reality.
In earlier days, if we want to give money to someone, then we need to physically reach him and hand over the money. But in today’s world, we are just transferring the money over the internet which we can't feel but money will reach our friend.
Here, in software terminology, virtualization refers "A particular operating system or application believe that they are hosted on actual physical servers or interacting with their own hardware peripherals". Hardware components like drives, RAM,ROM, Processors and Network devices etc.
Virtualization of systems means that we can run multiple operating systems simultaneously on the single computer or machine.
In the 80’s and early 90’s the IT industry moved from running single mainframes to running collections of smaller and cheaper x86 servers. As a result, the concept of virtualization become less popular.
That changed in 1999 with VMware’s introduction of VMware workstation. This was followed by VMware’s ESX, ESXi Servers, which runs on bare metal and does not require a host operating system.