This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for creating complex organic molecules, often in the development of pharmaceuticals and agrochemicals. Its boronic acid group enables efficient coupling with aryl halides, facilitating the formation of biaryl structures, which are common in drug molecules. Additionally, it is employed in the synthesis of advanced materials, such as polymers and liquid crystals, due to its ability to form stable covalent bonds. Its application extends to biochemical research, where it is used as a probe or intermediate in the study of enzymatic processes and molecular interactions.