Everyone asks "how many inches?" The better question is "how far away do I sit?" Screen size is a ratio, and your sofa sets the other half of it.
A screen is only "big" or "small" relative to your eye. What matters is how much of your field of view it fills: the horizontal viewing angle. Put the same 55-inch TV two metres away and it is a window; put it five metres away and it is a postage stamp.
Two industry yardsticks are worth knowing. The film and television engineers' body SMPTE recommends a viewing angle of at least 30 degrees. THX, the cinema-sound and picture certification company, recommends 36 degrees. Sound & Vision magazine's worked examples put it in numbers: from a seat 7 feet (about 2.1 m) away, a 16:9 screen of roughly 52 inches fills 30 degrees, and roughly 63 inches fills 36 degrees. The calculator below does the same trigonometry for any distance.
The 30-degree figure is the floor: below it, a screen starts to feel like furniture rather than a film. The 36-degree figure is the one to aim for if the room is yours alone and you mostly watch films. Neither is a law. They are comfortable defaults, and plenty of people sit closer for games or further back for a family sprawl on the sofa.
If the answer is bigger than you would ever fit on the wall, you have two honest choices: sit closer, or accept a smaller angle. If the answer is smaller than the TV you already own, nothing is wrong. It means you sit close, and you are getting an immersive picture for free.
Everything above applies to a projector too, with one difference: the screen size is something you choose rather than something you buy. That makes the calculator more useful, not less. Work out the width you want from your seating distance, then check that the projector can throw that width from where you plan to put it.
The 30-degree (SMPTE) and 36-degree (THX) viewing angles and the 7-foot example come from Sound & Vision's Screen Size and Seating Distance. The diagonal calculation is plain geometry: width = 2 × distance × tan(angle ÷ 2), and a 16:9 screen's diagonal is its width divided by 0.8716.