Last year it was Ariana Grande, and this year, it's Kelsea Ballerini who will be honored with the Rising Star Award at Billboard's 10th annual Women in Music event.

"I have been so excited to share this news with y'all," the singer tweeted on Wednesday (Nov. 11). "I am SO honored."

The prestigious award is given to an artist whose talent and success on the Billboard charts demonstrate a clear path to success.

"At 22, Kelsea Ballerini already has a career to kill for, from a hit song to award nominations and even a stop at the famed Grand Ole Opry," says Janice Min, co-president and chief creative officer of Guggenheim Media’s Entertainment Group, which consists of Billboard and the Hollywood Reporter. "Much like Carrie Underwood and Taylor Swift before, Kelsea is a powerful songwriter and singer that has Nashville abuzz. Expertly bridging the pop-country gap, her songs have heart, and it is only the beginning."

And it's been an extremely successful beginning for Ballerini: Her debut single, "Love Me Like You Mean It," peaked at No. 1 on the Country Airplay chart, making her the first female to lead that ranking with a debut song in nine years (the last woman to do it was Underwood, with "Jesus, Take the Wheel" in 2006). The talented singer-songwriter recently performed at the 2015 CMA Awards, where she was also nominated for New Artist of the Year and Female Vocalist of the Year.

Ballerini also has some star power on her side, as Swift is one of her devoted fans. They even took the stage together at one of Swift's 1989 World Tour stops.

In addition to receiving the Rising Star Award, Ballerini will perform at the 2015 Women in Music event, which is set to take place on Dec. 11 in New York City. Other award recipients and performers include Lady Gaga, Selena Gomez, Lana Del Ray, Alabama Shakes' Brittany Howard, Demi Lovato and more. The event will air on Dec. 18 on Lifetime.

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