This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring both a hydroxy group and a carboxylic acid group, makes it a versatile intermediate in the preparation of pharmaceuticals and agrochemicals. The benzo-triazole moiety is particularly valuable in the development of compounds with potential biological activity, such as enzyme inhibitors or receptor modulators. Additionally, it can be employed in the synthesis of dyes, pigments, and other specialty chemicals due to its ability to form stable intermediates and participate in various coupling reactions. Its unique structure also lends itself to applications in material science, where it may be used to modify polymers or create functionalized surfaces.