This compound is primarily used in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester functional group makes it a valuable intermediate for constructing complex molecules, especially in pharmaceutical research and development. It is often employed in the synthesis of indole derivatives, which are crucial in drug discovery due to their biological activity. Additionally, it serves as a building block for creating compounds with potential applications in materials science and agrochemicals. Its stability and reactivity under mild conditions make it a preferred choice for chemists working on advanced synthetic routes.