Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to create biaryl compounds, which are essential in pharmaceuticals and agrochemicals. It also serves as a building block in the development of fluorescent probes and sensors for detecting metal ions or biomolecules. Additionally, it finds application in material science for designing organic electronic devices and polymers. Its boronic acid group enables it to form stable complexes with diols, making it useful in carbohydrate recognition and separation processes.