Katy Perry has been named Billboard magazine's Woman of the Year.

The 'Firework' singer was hailed as "one of the most exciting and inspiring artists in the industry" by the publication's editorial director as he announced her selection, which sees Katy follow in the footsteps of stars including Taylor Swift, Fergie from the Black Eyed Peas and Beyonce Knowles.

Billboard's Bill Werde: "Katy Perry broke into the industry not even five years ago, and has already accomplished more than most artists can hope for in an entire career.

"We are thrilled to celebrate these incredible achievements and her amazing past 12 months by presenting her with the Billboard Woman of the Year Award. With what seems like a never-ending supply of record-breaking, chart-topping hits, coupled with her unique and fresh style, Katy Perry is hands-down one of the most exciting and inspiring artists in the industry today."

The annual event, now in its seventh year, celebrates the most powerful and talented women in the music business, coinciding with the publication of Billboard's Women in Music Power Players list.

This year's event will take place in New York City on November 30 where Katy will receive her award.