This compound is primarily used 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. The boronic acid group allows it to form carbon-carbon bonds with aryl or vinyl halides, making it valuable for creating biologically active compounds. Its application extends to the development of drugs targeting various diseases, including cancer and central nervous system disorders. Additionally, it is utilized in material science for designing advanced organic materials with specific electronic or optical properties.