This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for the construction of complex molecules, especially in the pharmaceutical industry. Its boronic acid group facilitates the formation of carbon-carbon bonds, enabling the synthesis of biaryl compounds, which are often found in active pharmaceutical ingredients. Additionally, it is used in the development of novel drug candidates, particularly those targeting neurological and psychiatric disorders, due to the presence of the pyrrolidine moiety, which can enhance binding affinity to certain biological targets.