Application virtualization is an umbrella term that describes software technologies that improve Portability, manageability and compatibility of applications by encapsulating them from the underlying operating system on which they are executed. A fully virtualized application is not installed in the traditional sense, although it is still executed as if it were. The application is fooled at runtime into believing that it is directly interfacing with the original operating system and all the resources managed by it, when in reality it is not. In this context, the term "virtualization" refers to the artifact being encapsulated (application), which is quite different to its meaning in hardware virtualization, where it refers to the artifact being abstracted (physical hardware).
Read more about Application Virtualization: Description, Related Technologies, Benefits of Application Virtualization, Limitations of Application Virtualization
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“It is known that Whistler when asked how long it took him to paint one of his “nocturnes” answered: “All of my life.” With the same rigor he could have said that all of the centuries that preceded the moment when he painted were necessary. From that correct application of the law of causality it follows that the slightest event presupposes the inconceivable universe and, conversely, that the universe needs even the slightest of events.”
—Jorge Luis Borges (1899–1986)