This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction. It serves as a key building block for constructing complex molecules, especially in pharmaceutical research and development. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of biaryl structures. These structures are often found in active pharmaceutical ingredients, making it valuable in drug discovery. Additionally, it is employed in material science for designing organic electronic materials, such as those used in OLEDs or sensors, due to its ability to form stable conjugated systems.