Used as a key reagent in Suzuki-Miyaura cross-coupling reactions, it facilitates the formation of carbon-carbon bonds, essential in synthesizing complex organic molecules. This compound is particularly valuable in pharmaceutical research for creating drug intermediates and active pharmaceutical ingredients. Additionally, it serves as a building block in material science for developing advanced polymers and organic electronic materials. Its boronic acid group enables selective binding to diols, making it useful in biochemical applications such as carbohydrate detection and sensor development.