Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to create complex biaryl compounds. These compounds are essential in pharmaceuticals, agrochemicals, and materials science. It also serves as a building block for developing boron-based drugs and sensors due to its boronic acid group, which can interact with diols and amines. Additionally, it is applied in the preparation of fluorescent probes and molecular imaging agents for biomedical research.