Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. Its boronic acid group makes it valuable in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds to create complex molecules. It is particularly useful in the development of drugs targeting specific enzymes or receptors, contributing to advancements in medicinal chemistry. Additionally, it finds application in material science for the synthesis of organic electronic materials. Its versatility and reactivity make it a crucial component in research and industrial processes.