This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions, where it serves as a key intermediate. Its boronate ester group makes it valuable in Suzuki-Miyaura coupling, a widely used method for forming carbon-carbon bonds in the synthesis of complex organic molecules, including pharmaceuticals and agrochemicals. The indole core structure is significant in medicinal chemistry, as it is a common motif in biologically active compounds. The cyano group further enhances its reactivity, allowing for diverse functionalization. Its applications extend to the development of new drugs, materials, and fine chemicals, where precise molecular construction is essential.