TGA is a long-used raster graphic format. It was developed by Truevision Inc. (now Pinnacle Systems) back in 1984. It was initially used by the developer only for its own graphic adapters, but gradually gained popularity (primarily in the field of video processing and animation). Widely used in computer games, where it is used to store textures (including 3D video games). The name of the format comes from Targa Graphic. TGA files may partially contain image transparency information. They can become the main one for creating GIFs.
ICO is a format (full name - Icon File) of bitmap images and refers to system files. Developed by Microsoft and designed to store icons in its operating system. ICO files, as a rule, store icon images - modest in size, with a small resolution (from 16x16 to 64x64 pixels), with different color depths (from 16 colors). In the graphical interface of various operating systems, ICO format files are used to display files, programs and folders (primarily in Windows) or as an icon for a specific website.