This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester group acts as a key functional group, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. It is often employed in the pharmaceutical industry for the development of drug candidates, where its furan and nitrile groups contribute to the structural diversity of bioactive compounds. Additionally, it finds application in materials science for the synthesis of advanced polymers and organic electronic materials, where its unique structure enhances performance and functionality.