This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester functional group makes it a valuable reagent for forming carbon-carbon bonds, enabling the construction of complex organic molecules. It is often employed in the pharmaceutical industry for the development of drug candidates, especially in the synthesis of indazole derivatives, which are known for their biological activity. Additionally, it is used in material science for the preparation of advanced materials, including polymers and small molecules with specific electronic or optical properties. Its stability and reactivity make it a versatile intermediate in various research and industrial applications.