UPDATE (July 9, 2021): Parallels Desktop now runs on Apple Silicon, a solution that was not available in March of 2021 when this article was first published.
UTM (which I believe stands for Universal Turing Machine) is an open source virtual machine environment. While you might be spending most of your time in macOS 11 Big Sur, your job might require you to use Windows-only apps, Perhaps you need a Linux VM for development work. Your shiny and speedy new Apple Silicon Mac is missing something – the ability to run virtual machines.
