Axis Communications AB, a Swedish maker of network cameras, has selected Thailand as its headquarters for Indochina as it strives to drive growth in Asia-Pacific.
"We aim to have one-third of our total revenue stemming from Asia-Pacific markets by 2020, up from the current 12%," said co-founder Martin Gren, who invented the world's first network camera in 1996.
Thailand has high potential due to its large population, location and steady GDP growth, he said.
The country is also a big manufacturing base for Axis, which has additional factories in China, South Korea, Europe and the US.
Indochina head Thongchai Watanasoponwong said despite the economic downturn, Axis had doubled its investment this year and moved its office to a larger building to serve increased business activity.
The new office features a demonstration centre where customers can test products and services.
The network camera has become an essential device, driving the shift from analogue to IP-based video surveillance, a segment experiencing double-digit growth in Thailand, Vietnam and Myanmar.
By early next year, Axis expects to have a local partner to provide video surveillance as a service in Thailand through the subscription or rental model, forgoing the licence-purchase model, Mr Thongchai said.
Mr Gren said network cameras gained in importance with the expanded deployment of video surveillance in Bangkok after the Aug 17 Erawan Shrine bombing.
Video surveillance is a part of the emerging Internet of Things (IoT) concept.
In the security world, IoT is helping businesses to manage the full spectrum of security systems — from intrusion sensors and fire alarms to video surveillance, access control, loudspeakers, emergency stations and video intercoms — all in a single cohesive platform.
In February, Tokyo-based electronics maker Canon Inc paid US$2.82 billion for an 85% stake in Axis.
The acquisition gives Canon a strong foothold in the global surveillance market, forecast to be worth $42 billion by 2020.
Mr Gren said Axis's business operations remained independent under Canon.
Axis expects to gain a competitive advantage from Canon's patents.