This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for creating complex molecules, especially in pharmaceutical research. The boronic acid group enables it to form carbon-carbon bonds with aryl or vinyl halides, making it valuable for constructing biologically active compounds. It is often employed in the development of drugs targeting various diseases, including cancer and inflammation. Additionally, it finds utility in material science for designing advanced polymers and organic electronic materials. Its stability and reactivity make it a preferred choice in medicinal chemistry and industrial applications.