TESTING : AI in TIC: Augmented, not automated

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TESTING : AI in TIC: Augmented, not automated

TESTING

AI in TIC: Augmented, not automated

AI looks set to re-shape TIC (testing, inspection, certification) profit pools and drive increased sector 9 JUNE 2026

Sector Research Report dispersion. We see modest pricing deflation in commoditised inspection & testing over the next 3-

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5yrs, offset by new profit pools relating to the AI Act conformity assessment, AI assurance, and

Research Analysts & Publishing Entities

cyber/digital trust. Net, the addressable profit pool could expand by 5-12% relative to a no-AI

Thomas Burlton counterfactual, but with widening sector dispersion. We see the listed players as net winners within BNP Paribas London Branch

(+44) 203 430 8679 this fragmented industry and are most positive on Eurofins & SGS (both Outperform).

thomas.burlton@uk.bnpparibas.com

We address the three key questions we hear from investors regarding AI in TIC Andrew Grobler

i) What is the disintermediation risk? – the answer is nuanced, but ultimately, we think the net effect BNP Paribas London Branch

+(44) 207 039 9451 is positive; ii) Where are the new profit pools? – we think the EU AI Act creates a new statutory

andrew.grobler@uk.bnpparibas.com conformity assessment regime that the TICs can monetise; iii) Who captures the value? – those

with the largest accreditation footprints, the broadest digital trust offering, and decisive

management. The listed TICs look generally well placed, with SGS leading the pack, in our view.

AI = a modest TAM tailwind for TIC; accreditation moats are key

We think new services relating to AI could add c.5% (and up to 12% in a bull case) to the growth

in outsourced TIC TAM by 2030. Pricing pressure creates an offsetting headwind, but