Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of complex molecules, particularly in the pharmaceutical industry. It is often employed in cross-coupling reactions, such as Suzuki-Miyaura coupling, to construct biaryl structures, which are common in many active pharmaceutical ingredients. Additionally, its boronic acid group makes it valuable in the development of sensors and diagnostic agents, where it can interact with diols and other functional groups. Its applications also extend to materials science, where it is used in the synthesis of organic electronic materials and polymers.