This compound is primarily utilized in organic synthesis as a building block for the creation of more complex molecules. It is often employed in Suzuki-Miyaura cross-coupling reactions, which are widely used in the pharmaceutical industry to form carbon-carbon bonds. This reaction is crucial for synthesizing various drugs and bioactive compounds. Additionally, it serves as an intermediate in the production of agrochemicals, helping to develop pesticides and herbicides. Its boronic acid group makes it particularly valuable in forming stable complexes with other organic molecules, facilitating precise and efficient chemical transformations.