This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for constructing complex molecules, especially in the pharmaceutical industry, where it aids in the development of drugs and bioactive compounds. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of carbon-carbon bonds. This makes it valuable in the synthesis of heterocyclic compounds, which are often found in medicinal chemistry. Additionally, it is employed in materials science for designing advanced polymers and functional materials with tailored properties.