The 'Call Me Maybe' star is to attend Billboard's Women in Music gala in New York City on November 30 to accept the award, which has previously been won by Nicki Minaj and Lady GaGa.
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Jepsen reacted to winning the 'Rising Star' prize by saying: "As a singer-songwriter having grown up listening to and being influenced by countless female artists, I am truly honoured to be recognised by Billboard with this award.
"I hope to inspire others through my music the way those artists have inspired me."
Katy Perry is also being honoured as Billboard's 'Woman of the Year' at the November 30 event.
Jepsen's breakthrough hit topped the US singles chart and earned more than 300 million YouTube hits this year.
Her latest album Kiss sold more than 46,000 copies in its first week of release.
Watch Carly Rae Jepsen's 'Call Me Maybe' music video below:
