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 drug candidates. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of biaryl structures, which are common in many bioactive compounds. Additionally, it is employed in material science for designing advanced organic materials with specific electronic or optical properties.