This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction. Its boronic acid group enables the formation of carbon-carbon bonds, making it valuable in the synthesis of complex organic molecules, including pharmaceuticals and agrochemicals. It is also employed in the development of materials for organic electronics and as a building block in medicinal chemistry for drug discovery. Additionally, it finds use in biochemical research for labeling and modifying biomolecules.