This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions. It serves as a key intermediate in the production of pharmaceuticals, enabling the formation of complex molecules through Suzuki-Miyaura reactions. Its boronic acid group facilitates the coupling with aryl or vinyl halides, making it valuable in constructing carbon-carbon bonds. Additionally, it finds application in the development of biologically active compounds, including potential drug candidates targeting various diseases. Its stability and reactivity also make it suitable for use in material science, particularly in the synthesis of advanced organic materials.