Kokomite is described as 'software that draws semi-transparent circles (or rings) around the mouse cursor to make the focus easier to understand in a presentation'. There are four alternatives to Kokomite for Windows. The best alternative is PointerFocus. It's not free, so if you're looking for a free alternative, you could try SpotOnTheMouse or Pen Attention.
SpotOnTheMouse is a mouse pointer and keyboard action visualization software. It makes mouse clicks visible ,it improves the perceptibility of the mouse pointer & it shows the special keys and combinations of keys pressed on the keyboard.