This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for creating complex molecules, especially in the pharmaceutical industry, where it aids in the development of drug candidates. Its boronic acid group allows for efficient coupling with aryl halides, enabling the construction of biaryl structures, which are common in many active pharmaceutical ingredients. Additionally, it is utilized in materials science for the synthesis of organic electronic materials, contributing to advancements in OLEDs and other optoelectronic devices.