Lossy image compression algorithms, relinquish some accuracy in exchange for increased compression. An image
reconstructed following lossy compression contains degradation relative to the original. Often this is because the
compression scheme completely discards redundant information. However, lossy schemes are capable of achieving much
higher compression. The goal of lossy compression is to achieve the best possible fidelity given an available
communication or storage bit rate capacity or to minimize the number of bits representing the image signal subject to
some allowable loss of information.They are capable of reducing images to one-tenth of their actual size with[10] little or
no humanly perceptual loss in image detail. They do not guarantee that the original and recovered data are identical, but
it often provides better performance (in terms of compression ratio) than lossless compression techniques. Lossy
compression can be applied to voice, image, and video media applications.