It's hard to say. There was a big outsourcing drive back in 2000s as well, but companies found that results were spotty. You end up with language barriers, cultural differences, and all kinds of issues in practice. That said, now that the economic situation in Europe is deteriorating, that could become an outsourcing hub for the US. It's culturally similar, most tech people speak English, and will be willing to work for much lower rates.