The global virtual reality(VR) technology market is expected to expand to eleven-point-two billion U.S. dollars within five years.

Industry tracker IHS on Monday projected the global market for VR headsets will reach seven-point-nine billion dollars, while that for VR entertainment will grow to three-point-three billion in 2020.

IHS predicted that four million VR headsets were sold last year, but the figure will increase more than 20-fold to 81 million by 2020.

The South Korean government announced last week that it will invest a total of 405 billion won, or nearly 365 million U.S. dollars, to actively foster the VR sector by 2020. The government is hoping to create many jobs in the industry by combining digital contents with smartphone services.