Firms in this industry provide accounting, advertising and marketing, architectural, consulting, engineering, IT, legal, and scientific research services. The US and the EU are the largest markets for professional services, although firms are expanding in emerging economies such as Brazil, Russia, India, and China. Revenue (in current dollars) for US professional services is forecast to grow at an annual compounded rate of 5 percent between 2015 and 2019.
On both the downside and upside, the revenue of the professional service industry lags the performance of the rest of the economy. The late 2000s recession officially started in December 2007, but declines in corporate profits peaked in 2009. Professional services unemployment peaked in 2010. The full effects of the late-2000s recession on professional services firms were felt years after the initial downturn. Since the recession, overall sector employment has recovered, reaching all-time highs in 2013.