This compound is primarily utilized in organic synthesis and pharmaceutical research due to its indole structure, which is a common scaffold in many biologically active molecules. It serves as a key intermediate in the development of potential therapeutic agents, particularly in the synthesis of compounds targeting neurological disorders, anti-inflammatory pathways, and cancer treatment. Its ester functional group allows for further chemical modifications, making it versatile in drug discovery processes. Additionally, it is explored in the synthesis of agrochemicals, where indole derivatives are known to exhibit pesticidal and herbicidal properties. Researchers also investigate its role in the development of fluorescent dyes and sensors, leveraging its aromatic structure for optical applications.