Used in organic synthesis as a key intermediate for cross-coupling reactions, particularly Suzuki-Miyaura coupling, to create complex biaryl compounds. It plays a significant role in pharmaceutical research for developing drug candidates, especially in the synthesis of biologically active molecules. Additionally, it is utilized in material science for designing advanced polymers and organic electronic materials. Its boronic acid group enables selective binding to diols, making it useful in sensor development for detecting sugars and other analytes.