As we begin to reach
the limits of classical computing, quantum
computing has emerged as a technology that has captured the imagination
of the scientific world. While for many years, the ability to execute
quantum algorithms was only a theoretical possibility, recent advances
in hardware mean that quantum computing devices now exist that can
carry out quantum computation on a limited scale. Thus, it is now
a real possibility, and of central importance at this time, to assess
the potential impact of quantum computers on real problems of interest.
One of the earliest and most compelling applications for quantum computers
is Feynman’s idea of simulating quantum systems with many degrees
of freedom. Such systems are found across chemistry, physics, and
materials science. The particular way in which quantum computing extends
classical computing means that one cannot expect arbitrary simulations
to be sped up by a quantum computer, thus one must carefully identify
areas where quantum advantage may be achieved. In this review, we
briefly describe central problems in chemistry and materials science,
in areas of electronic structure, quantum statistical mechanics, and
quantum dynamics that are of potential interest for solution on a
quantum computer. We then take a detailed snapshot of current progress
in quantum algorithms for ground-state, dynamics, and thermal-state
simulation and analyze their strengths and weaknesses for future developments.