This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it acts as a key intermediate to form carbon-carbon bonds. Its application is crucial in the pharmaceutical industry for the development of various drugs, including those with antimicrobial and anti-inflammatory properties. Additionally, it is utilized in the production of agrochemicals, such as herbicides and pesticides, due to its ability to introduce specific functional groups into complex molecules. Its stability and reactivity make it a valuable reagent in the synthesis of advanced materials and specialty chemicals.