This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester group enables it to act as a key intermediate in constructing complex molecules, often in the development of pharmaceuticals and agrochemicals. Additionally, it serves as a building block in the synthesis of indazole derivatives, which are explored for their potential biological activities, including anticancer and anti-inflammatory properties. Its stability and reactivity make it a valuable tool in medicinal chemistry research.