This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. These reactions are essential for forming carbon-carbon bonds, making it valuable in pharmaceutical and material science industries. It serves as a key intermediate in the production of complex organic molecules, including drugs and agrochemicals. Its boronic acid group enables efficient coupling with aryl halides, facilitating the synthesis of biaryl compounds. Additionally, it is employed in the development of sensors and fluorescent probes due to its ability to interact with specific biological targets. Its stability and reactivity make it a versatile tool in research and industrial applications.