This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key intermediate for constructing complex molecules, especially in pharmaceutical research. The boronic acid group enables the formation of carbon-carbon bonds, making it valuable for creating bioactive compounds. Its application extends to the development of drugs targeting various diseases, including cancer and neurological disorders. Additionally, it is used in material science for designing advanced polymers and functional materials.