Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, enabling the synthesis of complex organic molecules. Additionally, it finds application in the development of boron-containing compounds, which are explored for their potential in cancer therapy and diagnostics due to their ability to interact with biological targets. Its stability and reactivity make it a versatile reagent in medicinal chemistry and material science research.