Abstract: In this digital globe, the need of successful generation and transmission of data in numeric form is highly desirable. Images have always gathered attention as the data can be represented in a more appreciable format as compared to long strings of characters, so is the necessity of excellent image compression. The theory below demonstrates various image compression techniques available and briefly compares them all on the basis of certain parameters like PSNR, Compression Ratio, MSE and Code Energy. We have also proposed an innovative development in the arena of lossy image compression called as Lattice Vector Quantization which is supposed to reduce the average computational time required for image compression as well as the memory requirement for the same.

Keywords: LVQ, PSNR, MSE, Compression ratio.