This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a boronic acid reagent, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. Its application is significant in the pharmaceutical industry, where it is used to synthesize intermediates for drug development. Additionally, it finds use in material science for creating advanced polymers and functional materials. The cyclopentoxy group enhances its solubility and reactivity, making it a valuable tool in various chemical transformations.