You can add the color picker field in the Ui Component form in the admin panel of the Magento. Using color picker you can choose a color from predefined color tree structure, add your custom color hash code or create specific color using adjusting color slider.
I have added color picker field in category form to show a demo of color picker in UI Component form XML.
Use formElement as colorPicker in XML file with field tag. <field name=”background_color” sortOrder=”10″ formElement=”colorPicker”>
Valid Form Component XML file will be as per given example,
<?xml version="1.0" encoding="UTF-8"?>
<!--
/**
* Rakesh Jesadiya
* Category Page add color picker...
*/
-->
<form xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:noNamespaceSchemaLocation="urn:magento:module:Magento_Ui:etc/ui_configuration.xsd">
<fieldset name="general" sortOrder="5">
<field name="background_color" sortOrder="10" formElement="colorPicker">
<settings>
<label translate="true">Background Color</label>
<componentType>colorPicker</componentType>
<placeholder translate="true">No Color</placeholder>
<validation>
<rule name="validate-color" xsi:type="boolean">true</rule>
</validation>
<dataScope>background_color</dataScope>
<additionalClasses>
<class name="admin__field-medium">true</class>
</additionalClasses>
</settings>
<formElements>
<colorPicker>
<settings>
<colorPickerMode>full</colorPickerMode>
<colorFormat>hex</colorFormat>
</settings>
</colorPicker>
</formElements>
</field>
</fieldset>
</form>
You need to use above XML structure to set color picker using UI component form.

Color Picker Basic settings:
* colorPickerMode: Defines the mode that affects available color picker functionality
Valid modes value will be: simple, full, noalpha, palette
* colorFormat: Defines the color format that is displayed in the selection tool as well as in the input field.
Valid formats value: hex, rgb, hsl, hsv, name, none
* placeholder: Field’s Place holder value at initial form page load.
