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).

TCS (NSE:TCS) CEO N. Chandrasekaran sounded optimistic when he said during an interview that TCS had not seen an impact from the Europe debt crisis among its clients. Particularly since the company’s multi-million dollar UK outsourcing contract with PADA appears to have been in jeopardy for quite some time.

Contrary to the slowdown projected for IT outsourcing growth, in just a span of a few days, three big outsourcing companies won IT outsourcing contracts all from different regions in the world.

IT outsourcing growth is on the rebound but it is unlikely that it will ever be the same again. After the big boom that the industry experienced a few years ago before the recession, analysts estimate that this is unlikely to happen again.

The big three of Indian outsourcing companies have a lot to evaluate, as their lower ranking rival Cognizant (NASDAQ:CTSH), is slowly starting to emerge ahead of the pack following the company’s first quarter results. This comes with the continued albeit slow rebound of the outsourcing market this year.

Cloud Computing is a computer concept that is starting to appear in the limelight of outsourcing and IT companies. It is an alternative solution for computer services where one service is shared by many through a collection of servers. This means that instead of installing a program into a single computer unit in the company, the program can be accessed by multiple units via the internet. Now what does that mean? It means savings on licensing original products and cost reduction on IT maintenance, a problem that has become a vital and important issue for chief information officers according to experts.

Reading the Indian mainstream news yesterday about India Inc.’s strategy to expand operations in Eastern Europe and hire multilinguals to serve the European finance and accounting sector does not surprise me anymore. In my April article, I talked about how Europe is becoming more comfortable with outsourcing not just to its neighboring countries but also to Asia particularly to the Philippines. The following month, I wrote an article on Philippine Outsourcing re-focusing its efforts to the European market instead in anticipation of US political and trade condition changes.