The estimate comes as the World Travel Market, an annual business event focused around tourism, announces its decision to increase focus on the LGBT tourist market.

Having previously worked with LGBT consulting firm Out Now Global, this year it again welcomes the Out Now Business Class Official LGBT Village to its annual event.

In 2015 LGBT Villages will also be introduced to World Travel Market Latin America and World Travel Market Africa.

Previous exhibitors at the 2012 and 2013 LGBT Villages included Diva magazine, Gay Times and Millivres Prowler.

LGBT tourism has a strong hold in many cities with a history of LGBT support such as Toronto, San Francisco and London – but the sector is expanding.

Anticipating an increase in LGBT tourism following Conchita Wurst’s Eurovision 2014 win Vienna’s tourist board has created a guide and Facebook page entitled ‘Gayfriendly Vienna’.

The guide highlights LGBT friendly companies and attractions, but also events targeted at the community such as Vienna Pride. This year Vienna’s 5 day Pride festival takes place from the 11-15th of June with coverage on the Gayfriendly Vienna Facebook page.

The World Tourism Organisation estimates the annual economic impact of LGBT travellers to be over $65 billion per year in the USA alone. Out Now Global puts the global figure at $202 billion, following its LGBT2020 study of 40,000 respondents.

With LGBT holiday events such as Dinah Shore and annual Pride events growth in the LGBT tourism sector is set to continue as new marriage equality laws are enacted and anti-discrimination policies passed in more countries allowing LGBT travellers to feel safe.