This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key reagent for forming carbon-carbon bonds, enabling the construction of complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. Its boronic acid moiety allows for selective and efficient coupling with aryl halides or triflates in the presence of a palladium catalyst. Additionally, it finds application in the development of sensors and probes due to its ability to interact with diols and other biomolecules, making it valuable in biochemical research and diagnostics.