This compound is primarily utilized in organic synthesis and medicinal chemistry due to its boronic acid functional group, which is known for its ability to form reversible covalent bonds with diols and other Lewis bases. It is often employed in the development of sensors and diagnostic tools, particularly for detecting sugars and other biologically relevant molecules. In drug discovery, it serves as a building block for creating boron-containing compounds, which are increasingly explored for their therapeutic potential, including as protease inhibitors in treatments for diseases like cancer and HIV. Additionally, it is used in the preparation of advanced materials, such as polymers and coatings, where its reactivity can be leveraged to create tailored properties.