This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the synthesis of boronic acid derivatives, which are essential in Suzuki-Miyaura cross-coupling reactions. These reactions are widely employed in the creation of complex organic compounds, including potential drug candidates. Additionally, it is used in the study of enzyme inhibitors and receptor ligands, aiding in the discovery of new therapeutic agents. Its boronic acid group also makes it valuable in the development of sensors and probes for detecting specific biological molecules.