This chemical is primarily used in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction. Its boronic acid group enables it to act as a key building block for creating complex organic molecules, often in the development of pharmaceuticals and agrochemicals. The iodo and cyano substituents enhance its reactivity, making it valuable for constructing heterocyclic compounds, which are essential in drug discovery and material science. Its applications extend to the synthesis of advanced materials, including polymers and liquid crystals, due to its ability to form stable carbon-carbon bonds.