I think that businesses are emboldened now because they believe AI will bridge the gap that couldn't be bridge in the last great offshoring.
The US is expensive, so offshore. Offshore projects are more expensive because they never work, so come back to the US.
I've lived it twice now. We’re in the middle of my third cycle.
In 2006 the Indians would randomly cut out, couldn't be on video (phone only) and had major language barriers, and they would join in their evening.
Now in 2024 you're on their schedule. Believe me, those people are not staying up late for your 3pm call. Wake up at 5am every day to keep your job, you have 3-4 hours to work with them.
The churn is real and any offshoring hotbed ends up with a lot of competing between big companies for talent which then drives the prices up and motivates people to jump companies more.