A new study has revealed that U.S. technology companies are reducing their offshoring operations in foreign markets due to rising costs.

Only 5 out of 100 technology CFOs said that they were planning to offshore services in the near future according to a survey from accounting firm BDO USA LLP, a rapid drop from 16 per cent in 2013 and 20 per cent in 2012.

The survey revealed that 29 per cent of companies that currently offshore services are now looking to in-shore services back state side in 2014.

A combination of rising cost, economic disruptions and environmental disasters have all contributed to the falloff in offshoring within the U.S. according to Aftab Jamil, a partner at BDO.

U.S have imposed a record visa fine on outsourcer

U.S. regulators warn banks over outsourced risks