This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester group makes it a valuable intermediate for constructing complex molecules, especially in pharmaceutical research and development. It is often employed in the synthesis of bioactive compounds, including potential drug candidates, due to its ability to facilitate carbon-carbon bond formation. Additionally, it can be used in material science for creating advanced organic materials with specific electronic or structural properties. Its stability and reactivity under mild conditions make it a versatile reagent in various chemical transformations.