Francisco D'Souza, CEO,President Cognizant has an article up at sandhill with the same title, Below are some interesting excerpts from the same:

Looking at the future of technology services, it is important to remember that services are, in the end, consumed and delivered by people. By the year 2050, the population in the U.S. and Europe will be dwarfed by the populations of Asia, South America and the rest of the world.
This population shift will impact both the supply and demand side of the equation. Where these regions are seen today as producers of services, they will also emerge as powerful consumer markets.The future of services is global. In fact, the globalization of services delivery will form the basis for competitive advantage in most industries - and software is no exception.

Evolution of Global Services:

First generation of Indian services companies emerged in the 1970s. These firms generally focused on staffing, essentially, moving people to where the work was.

Second generation arrived in the 1980s. The companies that did staffing work in the earlier generation established liaison offices in the markets and obtained discrete and less complex projects and sent them offshore for technical work such as re-engineering and re-platforming that required little user interface.

Third generation which emerged in the early 1990s, the Indian government opened up its economy and privatized connectivity and bandwidth. This enabled IT services companies to operate on-site/offshore operations and to deliver high-quality technology solutions to clients by offering resources flexibility. Up until this generation, IT companies largely provided technology services.

Fourth generation of global services, Indian IT services firms offered seamless global delivery without worrying about an onshore-offshore split and started addressing the business issues of customers leveraging technology. These firms invested in domain capability and created more sophisticated models to tie together teams in virtual centers around the world and to deliver business results, not just technology solutions.

3 Trends of Globalized Services

Trend 1. Well-codified business processes must be broken into atomic sub-processes.

Trend 2. Micro-processes must be delivered wherever there is the highest quality, greatest efficiency and optimal talent.

Trend 3. Benefit shifts from "Labor Arbitrage" to "Intellectual Arbitrage."

Source: 1

Prashanth Rai