This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester functional group makes it a valuable intermediate for constructing complex molecules, especially in the pharmaceutical and agrochemical industries. It is often employed in the synthesis of indole derivatives, which are crucial in developing biologically active compounds, including potential drugs. Additionally, it serves as a building block in materials science for creating advanced organic materials with specific properties.