Used primarily in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, it serves as a key intermediate for creating biaryl compounds. These compounds are essential in pharmaceuticals, agrochemicals, and materials science. It also plays a role in the development of sensors and probes for detecting sugars and other biologically relevant molecules due to its boronic acid group, which can form reversible complexes with diols. Additionally, it is utilized in the preparation of liquid crystals and organic electronic materials.