The tournament in England and Wales will get underway on June 24 and runs through to July 23.

Eight teams will contest the event, with matches will be played over 50-overs for each side.

Australia defeated the West Indies by 114 runs in the 2013 final held in Mumbai, India.

The ICC claim the increase in prize money shows their commitment to grow women’s cricket globally, with their board having approved the move today.

“The ICC Women’s World Cup is the pinnacle of the women’s game and as such the players should be rewarded appropriately,” said David Richardson, ICC chief executive.

“Two million dollars is the first step towards greater parity and recognition.

“The prize fund for the 2013 edition was just $200,000, and this announcement shows a greater level of commitment than ever before.

“The change will not happen overnight but the women’s game is crucial to the global growth of cricket.

“There is undoubtedly an audience for it – there were almost 18 million views of highlights of the Women’s World Cup Qualifier earlier this year – and we need to grow that further.

“There is greater depth in the women’s game and that is leading to increased competitiveness which is what fans want to see."

Australia, England, India, New Zealand, Pakistan, South Africa, Sri Lanka and the West Indies will compete in one group at the tournament with the top four teams progressing to the semi-finals.

The ICC have also announced the tournament will see every ball of every game being covered live.

A total of 10 matches will be broadcast live on television, while the remaining 21 matches will be live-streamed.

Television broadcasts will include the two semi-finals and the final.

It will be supported by 30 cameras, including eight Hawk-Eye cameras, while the final at Lord’s will see a drone camera and a Spidercam being deployed.