Revealed earlier today, the Ultra Violet colour is described by Pantone as "a dramatically provocative and thoughtful purple shade".
It is not too dissimilar to the new colour it launched earlier this year, to pay tribute to pop icon Prince following his death.
"The selection of Ultra Violet speaks to our shared desire for deeper understanding in an increasingly complex landscape, and our eagerness to experiment to reach that level," said the company.
Pantone announces a new colour of the year every December, based on trend-forecasting research from the Pantone Color Institute.
It claims that Ultra Violet is already being put to use by a range of innovative tech and business companies.
"Ultra Violet's association with forward-thinking vision has made it a source of inspiration for the most innovative players in business and technology," it said.
"Companies as large as NBCUniversal, as culturally resonant as Instagram, and as burgeoning as Twitch have weaved purple shades into their brand identity as a symbol of their commitment to challenging what's possible in their respective arenas."
The Pantone Colour Institute has been choosing a colour of the year since 1999. Last year, a zesty shade of green called Greenery was chosen, and in 2016, Pantone picked two soft colours – a baby blue and dusty pink.
Like Greenery, the colours are often bold in tone. Other examples include the brownish-red Marsala chosen for 2015, the purply pink Radiant Orchid announced for 2014, and the bright orange Tangerine Tango in 2012.