How to install Vagrant on CentOS 7

Vagrant is an open source command line tool for building and managing virtual machine environments. Vagrant is mostly used by developers to easily set up a development environment, that matches the production environment.
By default Vagrant can provision machines on top of VirtualBox, Hyper-V and Docker but many other providers such as Libvirt (KVM), VMware and AWS can be installed via the Vagrant plugin system.