Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and biologically active molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed to form carbon-carbon bonds in the synthesis of complex organic compounds. Its boronic acid group enables efficient coupling with aryl halides, making it useful in the development of drugs, agrochemicals, and advanced materials. Additionally, it finds applications in the design of sensors and probes for detecting specific analytes due to its ability to interact with diols and other functional groups.