This compound is primarily utilized in organic synthesis and medicinal chemistry as a versatile building block. It is often employed in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds, which is crucial in the development of pharmaceuticals and complex organic molecules. Its boronic acid group makes it particularly useful in the synthesis of biaryl compounds, which are common in drug discovery. Additionally, it serves as a key intermediate in the preparation of inhibitors and other bioactive molecules, particularly those targeting enzymes or receptors in therapeutic applications. Its hydroxyimino group further enhances its reactivity, allowing for selective modifications in chemical transformations.