This compound is primarily used in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a boronic acid derivative, enabling the formation of carbon-carbon bonds, which is crucial in constructing complex organic molecules. Its application is significant in pharmaceutical research, where it aids in the development of new drug candidates by facilitating the synthesis of biologically active compounds. Additionally, it is utilized in material science for creating advanced polymers and functional materials with specific properties. Its role in these fields underscores its importance in modern chemical research and industrial applications.