This compound is primarily utilized in organic synthesis as a building block for the creation of more complex molecules, particularly in the pharmaceutical industry. It serves as a key intermediate in the development of drugs targeting various diseases, including cancer and neurological disorders. Its boronic acid group enables it to participate in Suzuki-Miyaura cross-coupling reactions, a widely used method for forming carbon-carbon bonds, which is essential in the synthesis of bioactive compounds. Additionally, it is employed in the development of sensors and diagnostic tools due to its ability to interact with specific biological targets, making it valuable in medical research and diagnostics.