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Future network architectures supporting 5G, 6G, Internet of Things (IoT), and fixed line networks face diverse service requirements in various scenarios, particularly by growing Ultra Low-Latency and Reliable Applications (ULLRA) such as: autonomous driving, remote surgery, augmented reality, virtual reality, IoT applications, etc. Network Function Virtualization (NFV) and Software Defined Networking (SDN) are two promising complementary solutions to meet diverse service requirements. In this study, we propose a novel application- and reliability-aware SFC embedding algorithm aiming to (a) decrease the latency and (b) increase the reliability of ULLRA. In this regard, we prioritize ULLRA as high priority SFC requests and reserve an amount of physical resources (bandwidth, memory, CPU) for embedding only high priority SFC requests to improve their latency and reliability. We formulate our proposed algorithm …