Europe overtook North America as the biggest outsourcing spender in the world for the first three quarters of this year, according to a TPI report.

Europe’s G2000 companies outspent their US counterparts by $1.2bn, and are on course to end the year as the highest-spending for the first time.

Overall, North America and Europe dominated the rankings with United States and Canada at No. 1 and 3, respectively, and six European countries making the top 10 - the United Kingdom (2), Germany (4), the Netherlands (6), France (7), Switzerland (9) and Denmark (10).

While other markets are growing slowly but steadily, the report found that India, at No. 13 and China, No. 21, have experienced a rapid rise in spending among their G2000 companies. Brazil, in increasingly prominent sourcing players, emerged at No. 24 as the highest-ranked country in Latin America. The report also found that Latin America has the fourth-highest market opportunity among the regions with $3 billion in additional ACV potential.

"Understanding the global outsourcing market requires up-to-date information on local and regional dynamics in every part of the world," said Melany Williams, partner and managing director, TPI Momentum. "This report offers on-the-ground detail and analysis by TPI experts and advisors to help service providers and others identify and pursue the most promising opportunities - wherever they might lie."

Readers can find out more about the report here.