This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as Suzuki-Miyaura coupling. Its boronate ester group enables the formation of carbon-carbon bonds, making it valuable for constructing complex organic molecules, including pharmaceuticals and agrochemicals. It is often employed in the synthesis of indole derivatives, which are significant in drug discovery due to their biological activity. Additionally, it serves as a key intermediate in the development of materials for organic electronics, such as light-emitting diodes (OLEDs) and organic photovoltaics, due to its ability to introduce functional groups into aromatic systems.