This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules, particularly in pharmaceutical research. It serves as a building block for the synthesis of various indazole derivatives, which are known for their biological activity. These derivatives are often explored for their potential therapeutic applications, including anti-inflammatory, anticancer, and antimicrobial properties. Additionally, it is used in the study of enzyme inhibition and receptor binding, aiding in the discovery of new drug candidates. Its role in medicinal chemistry makes it valuable for designing and optimizing compounds with specific biological targets.