In this Research Note, we examine the Axis Communications video surveillance business. This analysis is based on Canon’s 2023 Results Presentation 30 January 2024, Axis Communications 2023 Sustainability Report, 22 May 2024, and Memoori analysis. Founded in 1984 with headquarters in Lund, Sweden, Axis Communications offers products and services for video surveillance and analytics, access control, intercom, and audio systems, Axis has around 4,710 employees with a presence in 50 countries, over 30 Axis Experience Centers and partners in 179 countries. Since 2015, Axis has been a part of the Canon Group and is a major contributor to Canon’s video surveillance business. In the Imaging group, Canon Network Cameras & Others business line accounted for 317 billion yen (around $2 billion) in 2023, +7.9% revenue growth compared to 2022. Canon commented that in its network cameras business, despite concern that economic slowdown would limit infrastructure and other investment, they continued to post double-digit net sales […]