Which technology allows the client to either access an application hosted on a server or stream the application for local processing?

Application virtualization is the correct answer because it enables applications to be delivered from a centralized server while allowing them to be executed on client devices as if they were natively installed. This technology abstracts the application from the operating system, which means that users can access the application over a network and have it run locally on their devices, or they can utilize the application directly from the server. This flexibility is ideal for businesses that want to streamline application management and improve accessibility for users.

In contrast, virtual machine monitors (VMM) and virtual desktop infrastructure (VDI) primarily focus on creating virtualized environments for managing entire operating systems rather than individual applications. Although they can enable similar functionality, they do not specifically focus on providing the standalone application access that application virtualization does. Emulation, on the other hand, replicates the behavior of a system or application on a different architecture, which is less efficient for accessing applications hosted on servers in a client-friendly way compared to application virtualization. Thus, the unique capability of application virtualization to allow both local processing and server-hosted access makes it stand out in that context.