This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a crucial building block for the formation of carbon-carbon bonds, enabling the construction of complex organic molecules. Its application extends to the pharmaceutical industry, where it is used in the development of drug candidates and bioactive compounds. Additionally, it finds use in material science for the synthesis of advanced materials, including polymers and organic electronic components. Its stability and reactivity make it a valuable reagent in research and industrial processes.