Image compression is the process of reducing the file size of an image without significantly compromising its quality. This technique is essential for optimizing images for web use, as smaller file sizes lead to faster loading times, reduced bandwidth consumption, and improved overall performance of websites or applications. There are two main types of image compression:

1. Lossy Compression: This method reduces file size by removing some image data, which may lead to a decrease in quality. Common formats include JPEG, where higher compression results in smaller file sizes but may introduce artifacts.
2. Lossless Compression: This approach compresses images without losing any data, preserving the original quality. Formats like PNG and GIF use lossless compression, making them ideal for images requiring high fidelity.

Tools and libraries are available for image compression, allowing developers and designers to optimize images for better web performance while maintaining visual appeal.