This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of indole-based compounds, which are known for their diverse biological activities. Its structure is particularly valuable in synthesizing potential drug candidates for targeting neurological disorders, cancer, and inflammation. Additionally, it is used in the study of enzyme inhibitors and receptor modulators due to its indole moiety, which is a common pharmacophore in medicinal chemistry. Researchers also explore its applications in creating fluorescent probes for biochemical assays, leveraging its unique chemical properties.