This compound is primarily utilized in organic synthesis and pharmaceutical research due to its boronic acid functional group, which is highly effective in Suzuki-Miyaura cross-coupling reactions. These reactions are pivotal in forming carbon-carbon bonds, enabling the synthesis of complex organic molecules, including potential drug candidates. Additionally, it can act as a sensing agent in biochemical assays, particularly for detecting diols and sugars, owing to its ability to form stable complexes with these compounds. Its application extends to materials science, where it is used in the development of advanced polymers and coatings with specific binding properties.