New research has indicated that the global pico projector market will continue to expand quickly in the coming years.

According to the Global Pico Projector Market Forecast and Opportunities, 2019 report from Research and Markets, the industry is likely to grow at a compound annual growth rate of 41 per cent during 2014-19.

This is partly down to the Americas and Asia-Pacific regions, which the organisation stated are expected to significantly contribute to this growth in the near future.

Small to medium-sized enterprises (SMEs) remain the main target market for pico projectors, which are so small and lightweight they can typically fit into a pocket. They often weigh less than a bag of sugar and there are no costly lamps to replace as they use LED display technology.

Overall global IT spending surpassed $3 trillion (£1.76 trillion) in 2013 and as the SME sector makes up some £870 billion of that amount, pico projector sales are forecast to rocket.

Research and Markets said: "Other than IT spending, rising mobile workforce is another major factor driving growth in the global pico projector market."

The organisation also forecasts that in the next few years, OLED technology is set to play a "significant role" in revolutionising the pico projector market.