Ariana Grande and Idina Menzel will be two of the honorees at this year'sBillboard Women in Music Awards, joining Taylor Swift as recipients at the Dec. 12 event in New York City. 

Grande will receive the 2014 Billboard Rising Star award and Menzel will accept the Breakthrough Artist of the Year award, a new honor at the awards event that's now in its ninth year. Swift has been previously named the 2014 Billboard Woman of the Year. 

Grande follows in the footsteps of previous Billboard Rising Star honorees that include Lady Gaga, Nicki Minaj and Janelle Monae, among others, marking exceptional success early in their careers and demonstrating remarkable potential to make lasting contributions to the music industry.

"To be recognized alongside some of the most influential women in the music business is such an incredible honor," said Grande. "Receiving the 'Rising Star' award is truly amazing and I'm extremely grateful!"

In the past year, the 21-year-old singer has risen as a powerful pop force on Billboard's charts. She landed her second Billboard 200 No. 1 album with My Everything in September -- following last year's debut Yours Truly -- and has scored three top five hits on the Billboard Hot 100 with "Problem," "Break Free" and "Bang Bang" with Jessie J and Minaj. 

"In a watershed year for female recording talent, Ariana Grande has managed to make an indelible mark as a young artist," said Janice Min, co-president and chief creative officer of Guggenheim Media's Entertainment Group, which consists ofBillboard and The Hollywood Reporter. "We're so pleased to award Ariana our Rising Star accolade for 2014, and anxiously await what comes next."

Read more on Billboard.