The report, entitled The Business Case for Women’s Football, says the women’s game has the potential to reach commercial value of €686 million (£577 million/$698 million) by 2033, and could double its potential fanbase to 328 million people within the same timeframe.

The report has been released less than a month after the UEFA Women’s EURO 2022 tournament, where a crowd of 87,192, a record for a women’s international fixture in Europe, watched England defeat Germany in the final at Wembley Stadium in London.

It identifies more than 20 recommendations to help clubs and leagues to plan their strategies for the future of the women’s game.

The recommendations are grouped into five themes - developing strategies, raising standards and professionalism both on and off the pitch, building a sustainable ecosystem, increasing visibility and strengthening audience engagement and building on the strengths of the women’s game.

On the first theme, the report recommends developing a women’s football strategy, defining a business plan for how clubs and leagues can develop women’s football sustainability over the next ten years and demonstrating the impact of women’s football to help make the case for increased funding.

To aid with raising standards and professionalism, the report calls for more professional high-performance sports environments, increased investment in player salaries and supporting the development of referees and match officials.

On the theme of building a sustainable ecosystem, the report calls for investment into youth set-ups and academies to develop local talent and create a pathway for young players.

On the fourth theme, the report calls for priority to be given to increasing visibility and reach of the women's game, to drive growth in sponsorship value and media rights, and building a larger and more engaged fan base.

On the final theme of building on the strengths of the women’s game, the report calls for investment to build the profile of women’s players, building the product to meet fans needs, and putting in place the right governance structures to make decisions tailored to the women’s game.

UEFA’s chief of women’s football Nadine Kessler said: "Women’s football is on an incredibly exciting trajectory, with growth being seen across nearly every metric and across all of our stakeholders across Europe.

"The potential of the women’s game is limitless and we believe we are on course to take women’s football to heights that were unimaginable just a few years ago.

"As this report shows, now is the time to capitalise on the momentum we have created together, now is the time to get involved, and now is the time to invest."

The full report can be viewed here