This compound is primarily utilized in the pharmaceutical and chemical research sectors as a key intermediate in the synthesis of more complex molecules. Its structure makes it valuable for developing potential therapeutic agents, particularly in the field of oncology, where it may be incorporated into compounds targeting specific cancer pathways. Additionally, it serves as a building block in the creation of indazole derivatives, which are explored for their biological activities, including anti-inflammatory and antimicrobial properties. Researchers also investigate its potential in designing inhibitors for various enzymes, contributing to drug discovery efforts.