This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key reagent for forming carbon-carbon bonds, enabling the construction of complex organic molecules, such as pharmaceuticals, agrochemicals, and advanced materials. Its boronic acid group facilitates efficient coupling with aryl or vinyl halides in the presence of a palladium catalyst. Additionally, it is employed in the development of sensors and diagnostic tools due to its ability to interact with diols and other biomolecules, making it valuable in biochemical research and medical applications.