Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, which are essential for creating complex biaryl compounds in pharmaceutical and material science research. It is also employed in the development of sensors and probes for detecting specific analytes due to its boronic acid group, which can bind to diols and other molecules. Additionally, it finds application in the preparation of advanced materials, such as organic electronic components, where its structural properties contribute to desired functionalities.