File compression utilities are software programs designed to reduce the size of files or groups of files. They achieve this by using algorithms that eliminate redundant data, making it easier to store and share files. Common formats for compressed files include .zip, .rar, and .7z. These utilities can significantly save disk space and speed up file transfers over the internet. Users can easily compress files by selecting them and choosing the compression option within the utility. Additionally, these tools can also decompress files, allowing users to access the original content. Popular file compression utilities include .WinRAR, .7-Zip, and .WinZip.