This compound is primarily utilized in the field of organic synthesis, particularly in cross-coupling reactions. It serves as a key intermediate in the formation of complex organic molecules, often used in the Suzuki-Miyaura coupling reaction. This reaction is essential for creating carbon-carbon bonds, which are foundational in the development of pharmaceuticals, agrochemicals, and advanced materials. The boronic ester group in the compound enhances its stability and reactivity, making it a valuable reagent in medicinal chemistry for the synthesis of biologically active compounds. Additionally, it is employed in the preparation of heterocyclic compounds, which are crucial in drug discovery and development processes.