Things are looking up again for the offshore outsourcing industry. As the economy bounces back from the global financial crisis last year, a report by Everest Research Institute shows the industry sees an increase in offshore outsourcing activity.
According to Anand Ramesh [CQ}, research director at Everest, US-based companies are now considering to transfer more work offshore, while other firms that have not outsourced work offshore before are now planning to do so in destinations with relatively low labor costs.
Based on the report, about 75 percent of small and medium-sized companies and 90 percent of large firms intend to expand outsourcing operations by more than 500 full-time employees over the next two years.
Meanwhile, Forrester Research principal analyst Sudin Apte [CQ] said this uptick in offshore outsourcing activity will increase demand for workers in offshoring locations. The Everest report added that more than 70 percent of buyers choose India as the location for their business expansion, followed by the Philippines and China.