Parallels Desktop Version 16, which is available immediately, is already compatible with macOS Big Sur, which will be released in the fall.
According to the manufacturer, the virtualization software uses native macOS system extensions under macOS instead of the older kernel extensions. Furthermore, the graphics performance is said to have increased by 20% when using Windows or Linux.
The license and cost model separates between home & student and professional use. The former is covered by a one-time purchase, while those who wish to use the more extensive functions of Parallels Desktop Pro Edition on a permanent basis must pay an annual fee. Go to the product here.