Taylor Swift has been revealed as Billboard's Woman of the Year. This will be the second time she has received the award, making her the only artist in Billboard's history to be awarded twice. She previously accepted the honor in 2011.

The recognition will take place at the trade publication's ninth annual Women in Music event at Cipriana Wall Street in New York City on Dec. 12.

"As one of the most influential artists of her generation, Taylor Swift has seen incredible success on the Billboard charts," said Janice Min, co-president and chief creative officer of Guggenheim Media's Entertainment Group, which consists of Billboard and The Hollywood Reporter. "Over the course of her career, she's charted 60 entries on the Billboard Hot 100 -- the most of any female artist since her debut in 2006. We are tremendously excited to be honoring her as the 2014 Billboard Woman of the Year for the second time."

The Billboard Woman of the Year Award honors a female artist who has shaped and inspired the music industry with her success, leadership and innovation over the past 12 months. Past winners include Pink, Katy Perry, Fergie and Beyoncé.

The Women in Music event is held in conjunction with Billboard's Women in Music Power Players list which recognizes the top female music executives leading the industry with their artistic and business vision.

Swift made her latest chart headlines when her newest single, "Shake It Off," became her second Billboard Hot 100 No. 1, reigning for two weeks in September, following her first chart-topper "We Are Never Ever Getting Back Together" in 2012. Her new album, a pop project titled 1989, will be released Oct. 27. She is the best-selling digital music artist of all time.

In addition, Swift is expected to release a new single titled "Out of the Woods" next week. She is currently in London and will perform on The X Factor series there on Sunday (Oct. 12). Her next scheduled appearance in the U.S. will take place in Los Angeles on Oct. 24 as part of the CBS Radio's annual We Can Survive concert at the Hollywood Bowl. She is also confirmed for Jingle Ball all-star concerts in Los Angeles and New York in December.