Used primarily in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key intermediate for creating complex molecules. It is valuable in pharmaceutical research for developing drug candidates, especially those targeting specific enzymes or receptors. Additionally, it finds use in material science for designing advanced polymers and functional materials. Its boronic acid group enables selective binding to diols, making it useful in sensor development for detecting sugars or other biologically relevant molecules.