This chemical is primarily used in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction. It serves as a key intermediate for constructing complex molecules, especially in the pharmaceutical industry, where it aids in the development of indole-based compounds. These compounds are often explored for their potential biological activities, including as drug candidates for various therapeutic targets. Additionally, it is utilized in material science for the synthesis of organic electronic materials due to its boronic acid functionality, which enables precise molecular design and modification.