The rapid pace of growth of the pico projector market has been revealed by a new report.

According to award-winning market researcher ReportLinker, the total market size of the pico projector market is expected to grow at an estimated compound annual growth rate of 39.82 per cent between 2014 and 2020.

Advances in technology mean it is now possible to have a pocket-sized projector that is still powerful enough to project an image of 100 inches or even larger on to a wall or a screen.

Pico projectors are not only available as standalone devices, they are also increasingly being included in other technology products, such as smartphones, laptops, notebooks, tablets, digital cameras, video players, head up displays and wearable displays.

The healthcare industry is one sector to have embraced the rise of pico projectors in the last few years, with pico projectors being used "for the purpose of handling patients and other related medical data", according to the report.

Despite this, the business and education and consumer electronics application currently has the largest market share of 47.16 per cent in 2014 collectively.

Pico projectors are becoming more popular all over the world, but the ReportLinker data suggests the fastest compound annual growth rate will be seen in the APAC region, which will see growth of over 45 per cent in the next few years.

"The market is currently witnessing a rapid growth in all its verticals. The pico projector market is driven by the integration of pico projector in mobile phones and tablets," said the report.