Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed to form carbon-carbon bonds in the synthesis of complex organic molecules. Its boronic acid group enables efficient coupling with aryl halides, making it essential in the production of biaryl compounds. Additionally, it finds application in the development of sensors and materials due to its ability to interact with diols and other functional groups, facilitating the detection of specific analytes or the modification of material properties.