Outsourcing consulting firm neoIT has released its annual report 'Mapping Offshore Markets Update 2005'. The report will help companies evaluate potential offshore locations and ranks India, Canada and China as the leading outsourcing destinations in the world.

According to the study, top offshore location India offers cost competitiveness, highly skilled labor, and a high level of service maturity. Last year, India provided $12 billion in outsourced IT services, and had $12 billion in IT services exports sales as well.

The report used an 'Offshore Attractiveness Index' to rank 14 countries. The index "rates each country's characteristics to generate a quantitative net cost benefit of outsourcing to that destination". The report also considered five factors namely financial benefit, service maturity, people, infrastructure and catalyst.

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