This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction. It serves as a key intermediate in the production of pharmaceuticals, agrochemicals, and advanced materials. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of complex organic molecules. Additionally, it is employed in the development of fluorescent probes and sensors due to its ability to interact with specific analytes. Its benzimidazole moiety also contributes to its use in designing compounds with potential biological activity, such as antimicrobial or anticancer agents.