Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to create biaryl compounds, which are essential in pharmaceuticals and agrochemicals. It is also employed in the development of sensors and diagnostic tools due to its ability to bind with diols and sugars, making it useful in glucose detection systems. Additionally, it finds application in materials science for modifying polymers and surfaces to enhance their properties. Its role in the preparation of boron-containing compounds is significant in medicinal chemistry for drug discovery and development.