This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for the preparation of various biaryl compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of complex organic molecules. Additionally, it is employed in the synthesis of sensors and ligands due to its ability to form stable complexes with diols and other functional groups, making it valuable in analytical chemistry and material science.