This compound is primarily utilized in organic synthesis as a key intermediate in cross-coupling reactions, particularly Suzuki-Miyaura coupling. It serves as a boronic ester reagent, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. Its application is significant in pharmaceutical research, where it aids in the development of drug candidates by facilitating the synthesis of aromatic and heteroaromatic compounds. Additionally, it is used in material science for creating advanced polymers and organic electronic materials due to its stability and reactivity in controlled environments.