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PNG (Portable Network Graphics) file is a raster image file format that uses lossless compression. This file format was created as a replacement of Graphics Interchange Format (GIF) and has no copyright limitations. However, PNG file format does not support animations. PNG file format supports lossless compression that makes it popular among its users. With the passage of time, PNG has evolved as one of the widely used image file formats.

JPEG (Joint Photographic Experts Group) is a type of image format that is saved using the method of lossy compression. The output image, as a result of compression, is a trade-off between storage size and image quality. Users can adjust the compression level to achieve the desired quality level while at the same time reduce the storage size. Image quality is negligibly affected if 10:1 compression is applied to the image. The higher the compression value, the higher the degradation in image quality.

WebP is a modern image format that provides superior lossless and lossy compression for images on the web. Using WebP, webmasters and web developers can create smaller, richer images that make the web faster. WebP lossless images are 26% smaller in size compared to PNGs.