This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, which are essential for forming carbon-carbon bonds in the production of pharmaceuticals, agrochemicals, and advanced materials. Its boronic ester group acts as a key intermediate, enabling the coupling of aryl or vinyl halides with aryl or vinyl boronic acids. Additionally, it finds applications in the development of sensors and molecular probes due to its ability to interact with diols and other functional groups, making it useful in biochemical and diagnostic research. Its stability and reactivity also make it a valuable reagent in the synthesis of complex organic molecules.