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Image compression has developed as full fledged field from past many years because of rapidly growing entertainment market and unparalleled increase in the use of internet services for storage transmission and processing of multimedia data. Data compression techniques are primarily divided into two categories, lossless and lossy. The lossy technique is most widely accepted because it allows high compression rates with tolerable distortion. This paper presented a review of all the image compression standards for lossy image compression that has been established since beginning to more recent along with their comparative performance analysis which helps them to know the reason for this evolutionary change.
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