This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as Suzuki-Miyaura coupling. Its boronate ester group acts as a key intermediate, enabling the formation of carbon-carbon bonds in the synthesis of complex organic molecules. It is often employed in the pharmaceutical industry for the development of active pharmaceutical ingredients (APIs) and in material science for creating advanced polymers and organic electronic materials. Its stability and reactivity make it a valuable tool in constructing heterocyclic compounds, which are essential in drug discovery and development.