Used in organic synthesis as a key intermediate for the preparation of various pharmaceuticals and biologically active compounds. It plays a significant role in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds, which is essential in creating complex organic molecules. Additionally, it is employed in the development of sensors and diagnostic agents due to its ability to interact with diols and other biomolecules, making it useful in detecting sugars and other analytes. Its boronic acid group also allows for applications in materials science, particularly in the design of polymers and coatings with specific binding properties.