This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a crucial building block for creating complex organic molecules, often used in the pharmaceutical industry to develop drug candidates. Its boronic acid group enables efficient coupling with aryl halides, facilitating the formation of biaryl structures, which are common in many active pharmaceutical ingredients. Additionally, it finds applications in material science, where it aids in the synthesis of organic electronic materials and polymers. Its stability and reactivity make it a valuable reagent in research and industrial processes.