Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds to create complex molecules. Additionally, it is employed in the development of boron-containing drugs, which are explored for their potential in treating diseases like cancer and inflammation. Its boronic acid group also makes it useful in sensor technologies for detecting sugars and other biologically relevant molecules.