This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for creating complex organic molecules, often in the development of pharmaceuticals and agrochemicals. Its boronic acid group enables it to form stable bonds with various organic substrates, making it valuable in constructing carbon-carbon bonds. Additionally, it is employed in the synthesis of fluorescent dyes and sensors due to its ability to interact with specific target molecules. Its applications also extend to material science, where it contributes to the development of advanced polymers and coatings.