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It is hard to deny the fact that today’s global economies have been undermined by recent challenges in the real estate, banking and financial services industries
It is hard to deny the fact that today’s global economies have been undermined by recent challenges in the real estate, banking and financial services industries. In view of this, rumor has been spread all over the world that the world financial crisis will obviously damage IT offshore outsourcing industry and will dramatically decrease the amount of offshore transactions. However, the latest surveys demonstrate a totally different situation. According to a survey by EquaTerra, a sourcing advisory firm, more than 40% of the interviewed outsourcing services providers see increased demand level in spite of the economic downturn. The survey finds that the offshoring industry will benefit from end-users that need to cut costs in the short term. In the European Union demand is determined to be stronger than that in the United States: 34 percent of the EU firms cited increased demand versus 25 percent of the North American companies. The fact remains that some companies currently freeze their offshoring transactions - 38 percent of the survey participants reported slowing down or deferring their outsourcing efforts due to the unclear economic conditions. But does it occur due to real consequences of the crisis or due to the global panic? According to Martyn Hart from the National Outsourcing Association, offshore outsourcing has always been closely associated with reduced costs. Since most of modern companies set “aggressive cost saving targets” for the next years, more and more offshore transactions are likely to come to fruition.
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