But the shifts have not affected the world's three offshore IT outsourcing heavyweights - India, China and Malaysia - which have held their places at the top of the offshoring table, according to consultancy A.T. Kearney.
Releasing the company's 2009 Global Services Location Index, A.T. Kearney Australia managing director David Hovenden said that the changing fortunes of the financial services sector were also having an affect on offshoring trends.
The finance industry, which has shed hundreds of thousands of jobs since last September, was now a "driver" of a decline in offshore outsourcing activity.
"What we're now seeing at board level in major corporations is an increasing concern about balancing a shrinking local workforce with the cost efficiencies gained by offshoring," Mr Hovenden said.
"However, companies need to balance cost savings with the potential impact on their reputation: off-shoring is likely to attract more attention against a background of unemployment."
Already a number of leading Australian executives, including Westpac Banking Corporation CEO Gail Kelly, have pledged to refrain from sending more local jobs to offshore locations such as India.
Nevertheless, Mr Hovenden said that Australian financial services and telecommunications companies are "not expected to diminish" their offshoring of operational and management functions over the next 12 months.
According to the Global Services Location Index, the financial crisis was also affecting the popularity of some offshore outsourcing destinations. Eastern Europe was on the wane while Southeast Asia, in particular, was enjoying fresh popularity.
"Seven out of the top 10 offshoring countries are located in Asia, and we may see more Australian companies choosing outsourcing hubs closer to home," Mr Hovenden said.
The Middle East and North Africa are also on the rise and for the first time since the index was launched in 2004. Vietnam, Egypt and Jordan featured in the top 10 offshore outsourcing destinations.
