Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, essential for constructing complex organic molecules. Additionally, it is employed in the development of sensors and diagnostic agents due to its ability to interact with diols and sugars, making it useful in glucose detection systems. Its boronic acid group also enables its use in materials science for creating functionalized polymers and coatings.