Widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key boronic ester reagent for forming carbon-carbon bonds. Its structure enables efficient coupling with aryl or vinyl halides, making it valuable in the preparation of complex organic molecules, including pharmaceuticals and functional materials. The presence of the indanone framework adds rigidity and structural diversity, which is beneficial in drug discovery and the development of bioactive compounds. It is also employed in materials science for constructing conjugated systems used in organic electronics.