This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for creating complex organic molecules, including pharmaceuticals and agrochemicals. Its boronic acid group enables the formation of carbon-carbon bonds, making it valuable in constructing biaryl structures. Additionally, it is employed in the development of sensors and probes due to its ability to interact with diols and other functional groups, facilitating applications in biochemical research and diagnostics.