This compound is primarily utilized in organic synthesis as a key intermediate in the construction of complex molecules. It is often employed in cross-coupling reactions, particularly Suzuki-Miyaura coupling, due to the presence of the boronate ester functional group, which facilitates the formation of carbon-carbon bonds. Its application is significant in the development of pharmaceuticals, agrochemicals, and advanced materials, where precise chemical modifications are required. Additionally, it serves as a building block in the synthesis of heterocyclic compounds, which are prevalent in drug discovery programs targeting various therapeutic areas. The compound's stability and reactivity make it a valuable tool in medicinal chemistry and material science research.