Color watchers may be intrigued to see Pantone’s color of the year for 2014. The influencial team at the Pantone Color Institute have analyzed media, socio-political events, technological advances and other factors worldwide to pinpoint the provocative “Radiant Orchid”.

A purply-pinkish color that treads dangerously close to mauve, it will be interesting to see where designers take the color.

2013’s Emerald, a bold, hopeful color “symbolizing growth, renewal and prosperity,” was leapt upon (and in some places pointedly ignored) by the fashion world before making its way online to web design and digital illustration.

“Radiant Orchid reaches across the color wheel to intrigue the eye and spark the imagination,” says Leatrice Eiseman, executive director of the Institute. “An invitation to innovation, Radiant Orchid encourages expanded creativity and originality, which is increasingly valued in today’s society.”

Let’s hope so.

Color forecasting has become big business. Companies fear spending millions for products and marketing materials in colors that turn out to be duds. A few respected companies publish annual and seasonal color reports. Some are free. Detailed or customized reports are priced in hundreds, sometimes thousands, of dollars.

For more info and palette ideas visit the Pantone gallery and moodboards. While color trend discussions tend to hit fashion and interiors circles first, you’ll find cross-referencing resources (including a downloadable Adobe .ase file) on Pantone’s Color Formulas and Guides page.

And in case you were wondering, Pantone tells us the Hex code for Radiant Orchid is #B163A3.

What do you think of 2014’s new color? How useful are color predictions? Let us know your thoughts in the comments.