The study was conducted by the Women's Sport Trust alongside data agency Two Circles, with revenue projections of over £1bn per year by 2030, should the women's sport take advantage of commercial opportunities.
The £1bn projection is a £650m increase on the annual £350m generated by women's sport through broadcasting rights, sponsorships, and ticketing.
The chief executive and co-founder of the Women's Sport Trust, Tammy Parlour, said that while the women's game has progressed, long-lasting change is needed.
"Women's sport has been on a strong growth trajectory
"However, most sport played by elite female athletes still has a long way to go until it becomes financially viable.
"To achieve long-lasting change, and for women's sport to occupy a central role in our culture in the UK, the sports industry must widely recognise a social responsibility to building sport for all, and practically connect a vision for women's sport to to long-term commercial profit."
The study found that 80 percent of the UK's women sports fans believe TV broadcast and big events were pivotal behind following women's sport.
Steve Smith, Executive Director, of the Women's Sports trust stated, "we need broadcasting organisations to be customer leading."
With the research finding that more than a third of women's sport only use digital channels to broadcast their events, this is something that needs to change.
All sports fans around the UK need to show our support to women's sport, including broadcasters. With only 30 percent of prominent images on the websites and social channels of governing bodies in the UK featuring female athletes.
Women's sport has progressed dramatically in the last 10 years, with iconic moments such as Jessica Ennis' win at "Super Saturday" at London 2012, Nicola Adams gold medals at both the 2012 & 2016 Olympics, the introduction of the Women's Super League, and Fallon Sherrock's win over Mensur Suljovic at the 2020 Darts World Championship, becoming the first woman to defeat a man at the championship on her way to the round of 32.
All of landmark moments are symbols of how far women's sport has come in the UK, but it's time for more funding, more memories and more support. The news women's sport could generate £1bn per year by 2030 is exciting news, the ceiling for women's sport has never been higher. But if we truly are to "close the visibility gap", the time is now.