This compound is widely utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, which are pivotal for forming carbon-carbon bonds. Its application is crucial in the pharmaceutical industry for the development of complex molecules, including potential drug candidates. Additionally, it serves as a key intermediate in the synthesis of various agrochemicals and fine chemicals, contributing to the production of pesticides and herbicides. The compound's stability and reactivity make it a valuable reagent in research laboratories for constructing diverse organic frameworks.