Most points have been given in other answers. Just few other points.
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Not that there are no competitors. Google itself is building Dart which may 10 yrs down the line take up a significant share but not sooner.
When big players decide on something and push it big time, a wave comes. That’s what is happening.
- Then came the age of ajax. Obviously, it made no sense to replace a whole page HTML if just one small thing changed. So, we relied on CSS selectors (jquery a classic example) to do DOM manipulation. But soon this got messy and unviable for larger apps.
- Many MVC frameworks came up which allowed data to exist locally and separate the view and controller and give a more reasonable way of handling changes. Backbone, Ember were the main. Then came AngularJs and suddenly seemed to sweep all away. Not so really. It did 2 things. Firstly, covered all parts if what a developer wanted including routing, fetching / sending data to server etc. Secondly, gave the two-way binding which released people from direct DOM manipulations. Lovely. All dirty-checking taken care. Trouble though was performance. So, for large apps, its not a great idea. That’s why they themselves are moving away in Angular 2.
- Facebook meanwhile was quietly building a great solution coz Facebook itself is one of the most complex and large web apps around. They put their solution out in the open called React. Initially people reacted with caution but it has clearly emerged as the ideal method. It uses a virtual DOM to build / update views. Along with Flux / Redux, it is now changing the game allowing for building large apps and maintain them more easily.
Large organisations have realised that its a great bet to take and they are sparing no effort to improve everything in the ecosystem. Hence, the growth. Its going to be a major force for the next decade.