This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a crucial building block for creating complex organic 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 formation of biaryl structures, which are common in many active pharmaceutical ingredients. Additionally, it finds applications in material science for the synthesis of advanced polymers and organic electronic materials, contributing to the development of innovative technologies.