Marketing firm &Co revealed have compiled an independent evaluation report revealing that the event attracted a surplus of 800,000 visitors.
Organiser, Welcome to Yorkshire, is now planning on holding the festival every two years.
It is reported that this year’s event cost around £2 million to stage.
Festival highlights included neon lit cyclists riding through the streets of Leeds in a “Ghost Peloton”, actress Maxine Peake making her writing debut with a play about about cyclist Beryl Burton at the West Yorkshire Playhouse and a sculpture by Leeds-born artist Thomas Houseago.
Gary Verity, chief executive of Welcome to Yorkshire, told the BBC: “Yorkshire Festival shone a spotlight on Yorkshire, creating an exceptional summer for people in readiness for the grandest ever Grand Départ.
“The success of the festival shows the exceptional artistic talent we have in this county and what we have to offer the world.”