Today almost all consumer services ranging from Banking to Education, Ticket booking to Hospital Management are made online. The on line services are real time and critical application models deployed in clouds. The cloud based applications depends on Datacenters (DCs) for resource management. The resource utilization model need to cope with dynamic workload and stochastic request spikes. Virtualization is the key technology to improve resource utilization cum the deployment of application services with high portability, isolation, scalability and performance. The goal of this paper is to compare and contrast the performance measures of various virtualization technologies under heterogeneous scenarios and to present their impact in building and deploying application services for the cloud environment. It is noticed that each virtualization technology out performs the other in some or the other performance dimensions. In spite of these differences some virtualization technology dominates the application development industry according to the recent trends and heterogeneous application requirement of the consumer service.