Image compression is a technique used to reduce the file size of images without significantly compromising their quality. This process is essential for efficient storage and faster transmission over the internet. Common methods include lossy and lossless compression, each serving different needs depending on the desired balance between quality and file size. By utilizing algorithms, image compression can help optimize images for various applications, such as web design and digital photography. Popular formats like JPEG and PNG employ these techniques, making it easier for users to share and store images while maintaining acceptable visual fidelity.