This chemical is primarily utilized in organic synthesis, particularly in the development of pharmaceuticals and bioactive compounds. It serves as a key intermediate in the preparation of complex molecules, especially those involving boron-containing compounds. Its boronic acid group is essential in Suzuki-Miyaura cross-coupling reactions, a widely used method for forming carbon-carbon bonds in drug discovery and material science. Additionally, its imidazole moiety can enhance binding affinity in certain biological targets, making it valuable in the design of enzyme inhibitors or receptor modulators. The compound is also explored in the development of diagnostic agents and sensors due to its ability to interact with specific biomolecules.