Cloud computing, and the technology of virtualization which drives its foundations, lead the pack of Information Technology (IT) solutions for business that have emerged and kept transforming businesses in recent years. While in acknowledgement of the fact that numerous researches have emerged in recent times on the concepts of virtualization and cloud computing, trying to address issues relating to management, complexity, operability, service delivery, security, amongst others, very little to no effort has been made to study how these technologies impact the dynamic business environment of the 21st century and the benefits they could hold for businesses of the digital age. In light of this, this paper gives a theoretical review of the business environment as it was before and shortly after the advent of IT, in such a way that novices as well as experts in business and IT would be able to identify with and understand the interactions that have always existed amongst these industries. It further goes on to provide a detailed exposé on cloud computing and virtualization as it affects the business environment of the 21st century, right from its inception and origins, to survey its history, basic concepts, current trends, modes of deployment and use, as well as the benefits they provide for businesses in our world. It brings in some proven industry perspectives and opinions and presents new insights into what the future has to offer with these twin technologies for both the worlds of business and IT.