In 2008, TPI released its Geography report indicating that there were a record number of outsourcing contracts signed by European companies and, for the first time Europe beat US for outsourcing contracts. The number of contracts in Europe rose by 17 per cent year on year and for the first time Europe outran the US with 55 per cent of signed deals, compared to just 32 per cent in the US. The number of European deals hit 271, compared to 243 signed by US companies. Worldwide, IT outsourcing deals were worth up to €72bn which is more 5.6 per cent than those signed in 2007.

Despite TPI reported a significant fall in the value of outsourcing deals awarded in Europe in the second half of 2008, and predicted decline in contract value into the first part of 2009, the newly released TPI Momentum Market Trends & Insights 3Q09 Geography Report indicates that European G2000 by Forbes companies outspent their counterparts from North American region by around $1.2bn in average contract value through the first three quarters of 2009. North America, which led the world in outsourcing spending by G2000 companies in 2008 with $29.6 billion in ACV versus $28.7 billion for Europe, looks poised to miss that mark this year and lose its top spot.

The report shows that US and Canada dominate the rankings holding 1 and 3 positions respectively, while six European countries making the top 10 include UK, Germany, the Netherlands, France, Switzerland and Denmark. By spending a billion dollars more on outsourcing than North America, Europe is on track to end the year as the highest-spending region.