"When I began this journey in Miami I committed that I would campaign as I would serve, going everywhere, speaking to everyone, keeping my word, facing the issues without flinching and staying true to what I believe.
"I fully believe the American people must entrust this office to someone who believes whoever holds it is a servant, not the master.
"With strong conservative leadership, Republicans can win the White House," Bush said. "That's what I honestly believe and I know you do as well.”
Mr Bush also took time to pay tribute to his family legacy, praising his father, former president George HW Bush, his mother, former first lady Barbara Bush, and his brother, former president George W Bush.
“America truly loves them and respects them,” he said.
In pictures: US Elections 2016
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Mr Bush’s decision comes as pressure on him to pull out from the race to pave the way for a viable candidate to stop Donald Trump grew.
Mr Trump was the standout winner of the night, getting 32.5% of vote, 10% clear of second placed Marco Rubio.
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