We present the results from INTEGRAL and Swift/XRT observations of the hitherto poorly studied unidentified X-ray transient AX J1949.8+2534 , and on archival multiwavelength observations of field objects . Bright hard X-ray outbursts have been discovered above 20 keV for the first time , the measured duty cycle and dynamic range are of the order of \sim 4 % and \geq 630 , respectively . The source was also detected during a low soft X-ray state ( \sim 2 \times 10 ^ { -12 } erg cm ^ { -2 } s ^ { -1 } ) thanks to a Swift/XRT followup , which allowed for the first time to perform a soft X-ray spectral analysis as well as significantly improve the source positional uncertainty from arcminute to arcsecond size . From archival near-infrared data , we pinpointed two bright objects as most likely counterparts whose photometric properties are compatible with an early type spectral nature . This strongly supports a High Mass X-ray Binary ( HMXB ) scenario for AX J1949.8+2534 , specifically a Supergiant Fast X-ray Transient ( more likely ) or alternatively a Be HMXB .