Numerous outsourcing companies released results following the end of the quarter, with Accenture (NYSE:ACN) leading the pack.  It was currency volatility, problems in Europe, and attrition which were some of the major issues that were raised with the release of results.  The general flavor in the outsourcing space has been that business in outsourcing is steadily on the rise with business process outsourcing and IT outsourcing coming into major play, with the big winners being Indian companies, Tata Consultancy Services Ltd (NSE:TCS), and HCL Technologies (NSE:HCLTECH), as well as company Xerox Inc (NYSE:XRX).

When people say outsourcing, a select few countries would immediately come to mind.  But while the economy continues its recovery and business continues to thrive, more and more places are being tagged as ‘the best’ or ‘the hottest’ outsourcing destination.  Not all outsourcing destinations however were created equal, which is why many outsourcing providers have branched out in one place or another, some obviously preferring that destination, some to sample the local flavor to see if they’ll prosper there.

New deals and renewals in the IT outsourcing space dominated the news last June and July, but other industries also fared well.  In terms of companies, it was company, Accenture (NYSE:ACN), who was able to score multiple deals, signing contracts mostly from the US but also in the UK and China.  Other companies, such as HP, also signed multiple deals.  Here’s a run-down of the notable deals signed last June and July 2010.

It was a year ago when analysts were estimating that IT will begin to move back to the US and IT outsourcing to other countries such as India, and China, will wane.  But weathering through challenges such as language barriers, and political opposition, IT still remains as one of the most viable outsourcing services to date.  Just these past two months, a number of outsourcing deals have come through from major and minor players alike – a testament to the viability of the IT outsourcing business.

The business process outsourcing race among destination countries is a fierce competition that has been predominantly lead by South Asian country, India.  The Philippines however, has been holding its own against India, emerging as a power player in the BPO outsourcing space.

The United States Agency for International Affairs or USAID, in a controversial move, has decided to fund the development of Sri Lanka’s, as well as Armenia’s offshore outsourcing industry.

The Big Blue has found itself in hot water once again when earlier this month, disagreements over the company’s outsourcing contract with US state, Texas, lead to an ultimatum from the state to fix the alleged problems involved in their outsourcing deal.