The decision to award the event to India, Pakistan, Sri Lanka and Bangladesh was made by the International Cricket Council's executive committee meeting here on Sunday.
The Asian bid won by ten votes to three.
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As a result of Sunday's vote the ICC have awarded the 2015 World Cup to runners-up Australia and New Zealand, with England staging the 2019 competition.
Lalit Modi, vice-president of the Board of Control for Cricket in India (BCCI), said much now needed to be done to get the continent ready to host the cricketing showcase.
"We did a great job, the four countries put together an impressive presentation and we got 10 out of 13 votes.
"We are looking forward to it. A lot of work has to go in. A lot of infrastructure needs to be put in place. We are mentally geared up for it. We will do the task at hand."
Cricket Australia chief executive James Sutherland welcomed the fact that Australia and New Zealand would be jointly hosting the 2015 tournament.
"It is disappointing to