JPEG/JFIF
JPEG (Joint Photographic Experts Group) is a compression method; JPEG-compressed images are usually stored in the JFIF (JPEG File Interchange Format) file format. JPEG compression is (in most cases) lossy compression. The JPEG/JFIF filename extension in DOS is JPG (other operating systems may use JPEG). Nearly every digital camera can save images in the JPEG/JFIF format, which supports 8 bits per color (red, green, blue) for a 24-bit total, producing relatively small files. When not too great, the compression does not noticeably detract from the image's quality, but JPEG files suffer generational degradation when repeatedly edited and saved. The JPEG/JFIF format also is used as the image compression algorithm in many Adobe PDF files.
JPEG 2000
JPEG 2000 is a compression standard enabling both lossless and lossy storage. The compression methods used are different from the ones in standard JFIF/JPEG; they improve quality and compression ratios, but also require more computational power to process. JPEG 2000 also adds features that are missing in JPEG. It is not nearly as common as JPEG, but it is used currently in professional movie editing and distribution (e.g., some digital cinemas use JPEG 2000 for individual movie frames).
PNG
The PNG, (Portable Network Graphics) file format was created as the free, open-source successor to the GIF. The PNG file format supports truecolor (16 million colors) while the GIF supports only 256 colors. The PNG file excels when the image has large, uniformly colored areas. The lossless PNG format is best suited for editing pictures, and the lossy formats, like JPG, are best for the final distribution of photographic images, because in this case JPG files are usually smaller than PNG files. Many older browsers currently do not support the PNG file format; however, with Mozilla Firefox or Internet Explorer 7, all contemporary web browsers now support all common uses of the PNG format, including full 8-bit translucency (Internet Explorer 7 may display odd colors on translucent images ONLY when combined with IE's opacity filter). The Adam7-interlacing allows an early preview, even when only a small percentage of the image data has been transmitted.
PNG provides a patent-free replacement for GIF and can also replace many common uses of TIFF. Indexed-color, grayscale, and truecolor images are supported, plus an optional alpha channel.
GIF
GIF (Graphics Interchange Format) is limited to an 8-bit palette, or 256 colors. This makes the GIF format suitable for storing graphics with relatively few colors such as simple diagrams, shapes, logos and cartoon style images. The GIF format supports animation and is still widely used to provide image animation effects. It also uses a lossless compression that is more effective when large areas have a single color, and ineffective for detailed images or dithered images.
BMP
The BMP file format (Windows bitmap) handles graphics files within the Microsoft Windows OS. Typically, BMP files are uncompressed, hence they are large; the advantage is their simplicity and wide acceptance in Windows programs.