This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both an amino group and a carboxylate ester, makes it a versatile building block for the development of pharmaceuticals, particularly in the synthesis of compounds with potential biological activity. Researchers often employ it in the creation of heterocyclic compounds, which are crucial in drug discovery for treating various diseases. Additionally, its benzofuran core is of interest in the development of materials with specific electronic or photonic properties, contributing to advancements in material science.