We propose a numerical method for the solution of electromagnetic problems on axisymmetric domains, based on a combination of a spectral Fourier approximation in the azimuthal direction with an IsoGeometric Analysis (IGA) approach in the radial and axial directions. This combination allows to blend the flexibility and accuracy of IGA approaches with the advantages of a Fourier representation on axisymmetric domains. It also allows to reduce significantly the computational cost by decoupling of the computations required for each Fourier mode. We prove that the discrete approximation spaces employed functional space constitute a closed and exact de Rham sequence. Numerical simulations of relevant benchmarks confirm the high order convergence and other computational advantages of the proposed method.