Used primarily in organic synthesis, this compound serves as a key building block in the preparation of more complex molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, essential in the development of pharmaceuticals and agrochemicals. Additionally, its boronic acid group allows for its use in the creation of sensors and diagnostic agents, leveraging its ability to bind with diols and other biological molecules. This makes it useful in medical research and biotechnology applications.