This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it serves as a key building block for creating biaryl structures. These reactions are essential in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is utilized in the development of sensors and probes due to its ability to interact with diols and sugars, making it valuable in biochemical and diagnostic applications. Its iodine substituent also allows for further functionalization, enhancing its versatility in synthetic chemistry.