The word "vape" has been recognized as Oxford Dictionaries' 2014 Word of the Year.

"Vape" can be used as either a noun or a verb. As a noun, the word is defined as "an electronic cigarette or similar device," and as a verb, it means to "inhale and exhale the vapor produced by an electronic cigarette or similar device," reports CNN.

Oxford issued a press release stating that use of the word "vape" more than doubled this year, compared to 2013. The word also became more popular as the electronic cigarettes developed into a multimillion dollar industry.

"A gap emerged in the lexicon, as a word was needed to describe this activity, and distinguish it from 'smoking','" reads the Oxford press release. "The word vape arose to fill this gap, and it has proliferated along with the habit."

"You are thirty times more likely to come across the word vape than you were two years ago, and usage has more than doubled in the past year," Oxford explained on the OxfordWords blog announcing the decision.

"Bae," a noun that expresses a "term of endearment for one's romantic partner," came in a close second place for the Word of the Year title.

Another new word is "Budtender," which is "a person whose job is to serve customers in a cannabis dispensary or shop," reports USA Today.

In addition, "contactless" is an adjective that almost won the title. It's definition is "relating to or involving technologies that allow a smart card, mobile phone, etc., to contact wirelessly to an electronic reader, typically in order to make a payment."

Last year, "selfie" was chosen as Oxford's 2013 Word of the Year, beating out "bitcoin" and "twerk." The noun is defined as "a photograph that one has taken of oneself, typically one taken with a smartphone or webcam and uploaded to a social media website"