This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key intermediate for the formation of carbon-carbon bonds, enabling the construction of complex organic molecules. Its boronic acid group is highly reactive with aryl halides in the presence of a palladium catalyst, making it valuable in the pharmaceutical industry for synthesizing drug candidates. Additionally, it is employed in material science for developing advanced polymers and functional materials. Its structural properties also make it suitable for use in biochemical research, particularly in studying enzyme inhibition and receptor binding.