This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, which are pivotal in forming carbon-carbon bonds. Its boronate ester group acts as a key intermediate, enabling the coupling of aryl or vinyl halides with aryl or vinyl boronic acids. This reaction is widely employed in the pharmaceutical industry for the synthesis of complex molecules, including drug candidates. Additionally, it finds application in material science for the development of organic electronic materials, such as polymers and small molecules used in organic light-emitting diodes (OLEDs) and organic photovoltaics (OPVs). The compound's stability and reactivity make it a valuable tool in advanced chemical research and industrial processes.