This compound is primarily utilized in organic synthesis and pharmaceutical research as a versatile building block. It serves as a key intermediate in the development of complex molecules, particularly in the synthesis of indole derivatives, which are known for their biological activity. Its structure allows for further functionalization, making it valuable in the creation of potential drug candidates, especially in the fields of oncology and neurology. Additionally, it is used in the study of biochemical pathways and receptor interactions due to its ability to mimic natural indole-based compounds. Researchers also employ it in the development of fluorescent probes and imaging agents for biological studies.