Used in organic synthesis as a key intermediate for the preparation of complex molecules, particularly in the development of pharmaceuticals. It is often employed in Suzuki-Miyaura cross-coupling reactions, which are crucial for creating carbon-carbon bonds in drug discovery and material science. This compound is also utilized in the synthesis of boron-containing compounds that have potential applications in cancer therapy, as boron neutron capture therapy (BNCT) agents. Additionally, it serves as a building block in the development of sensors and probes for detecting biological molecules due to its boronic acid functionality, which can selectively bind to diols and sugars.