This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its indole core structure is significant in the synthesis of compounds with potential serotonin receptor modulation properties. Additionally, it is employed in the creation of fluorescent probes for biochemical studies, aiding in the visualization and understanding of cellular processes. Its applications also extend to materials science, where it is used in the development of organic electronic materials due to its conjugated system.