Used primarily as a fluorescent probe in analytical chemistry, this compound detects trace amounts of metal ions and pH changes due to its strong solvatochromic and fluorogenic properties. It serves as a key intermediate in synthesizing optical sensors and chemosensors for environmental and biological monitoring. Its high sensitivity to polarity changes makes it valuable in studying membrane dynamics and micellar systems. Additionally, it is employed in the development of fluorescent labels and dyes for imaging applications in life sciences.