This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it acts as a key reagent for forming carbon-carbon bonds. Its boronic acid group enables it to react with aryl halides in the presence of a palladium catalyst, making it valuable for constructing complex organic molecules, such as pharmaceuticals and advanced materials. Additionally, it is employed in the development of sensors and probes due to its ability to interact with diols and sugars, making it useful in biochemical research and diagnostic applications. Its hydroxyethyl group also enhances solubility and reactivity in aqueous environments, broadening its utility in various chemical processes.