This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for creating complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. Its boronic acid group enables efficient coupling with aryl halides, facilitating the formation of carbon-carbon bonds. Additionally, it is employed in the development of sensors and probes due to its ability to interact with diols and other functional groups, making it useful in biochemical and analytical applications.