|For a long time, Axon was just a stun gun manufacturer known as Taser International. But with a name change last year, the company's transformation was formalized. While Axon's weapons segment is still very strong (and benefits from a virtual monopoly in the field), it is the company's software ambitions that have me really excited.|
While there's nothing terribly special about Axon's body cameras, it's the Evidence.com platform for storing and analyzing the video from the cameras that makes it an excellent investment. Once a police department signs on to use the platform, it gets locked into Axon's system. The costs -- in finances, time to retrain entire workforces, and risks involved with losing crucial evidence -- associated with switching to another provider are onerous. And given that Axon just secured a monopoly in this field as well, there's still lots of room to run.
Next year, the company plans to roll out a new records management system, which uses AI and could save thousands of hours of paperwork to free up police officers. Management expects this to be a $2 billion market alone. Who knows how Axon will help make law enforcement more efficient (and accountable) in the years ahead?