The COST Action MP1403 “Nanoscale Quantum Optics” (NQO) has recently released a NQO Roadmap identifying research priorities that address both classical and quantum schemes in information and communication technology, sensing and metrology, and energy efficiency. Based on the Roadmap, the COST Action has been working on a Market Research Study (MRS) to assess the potential of NQO for selected applications and markets in a more quantitative manner. The MRS has been carried out with the cooperation of Tematys and it has been focused on two areas: (i) quantum sensing, imaging and measurement systems: achieve unprecedented sensitivity, accuracy and resolution in measurement and imaging by coherently manipulating quantum objects and (ii) quantum communications: guarantee secure data transmission and long-term security for the information society by using quantum resources for communication protocols. The MRS has primarily addressed near-term technologies, like quantum random number generators (QRNG) for secure key or token generation and point-to-point quantum key distribution (QKD) for secure key exchange in crypto systems. Mid/long-term technologies like QKD networks, quantum memories and repeaters have not been assessed. Likewise for quantum sensing, imaging and metrology the focus has been on near-term technologies like magnetic resonance imaging (MRI), magnetic/electric field detection for materials analysis and biosensing, precision metrology and gravimetric sensors for civil and defense applications. The MRS has also taken into account quantum enabling technologies, which are fundamental components for the construction of quantum-photonics systems.