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Bitmap Graphics - Use less processing power than vectors
- Made up of pixels

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Adobe Photoshop
Corel Paint Shop Pro
Corel Painter
Adobe Fireworks

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When you up scale bitmap images they lose their quality and the pixels will become bigger

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GIMP - Free software (Win, Mac, Linux)
Adobe Photoshop - Paid software (Win, Mac)
Corel Paint Shop Pro - Paid software (Win, Mac)
Adobe Fireworks - Paid software (Win, Mac)

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A bitmap graphic is composed of many tiny parts, called pixels, which are often many different colors. It is possible to edit each individual pixel. Since the computer has to store information about every single pixel in the image, the file size of a bitmap graphic is often quite large.

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Bitmap or raster graphic is a digital image composed of a matrix of dots
They are the most common type of graphic used and supported on digital systems.
The graphics are made up of a map of bits.
The amount of bits per pixel depends on the bit depth setting.
Bitmaps are different resolutions
PSD
BMP for Paint

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You can enlarge a vector image an infinite amount of size and they will not lose its image quality

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Vector graphics describe images as outlines with filled regions of color . This means that an image will consist of splines which are mathematical curves and then the part may will be filled with colour. The file format that is created for vectors is SVG which stands for scalable vector graphics.

Vectors are much smaller file sizes then bitmaps.
Raster is another name for vector graphics.
You can scale a vector to any size without the loss of any clarity or quality to your work .

SVG or AI

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Vector Graphic. Unlike JPEGs, GIFs, and BMP images, vector graphics are not made up of a grid of pixel. Instead, vector graphics are comprised of paths, which are defined by a start and end point, along with other points, curves, and angles along the way.

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Inkscape - Open source vector graphics editor, free, (Win, Mac, Linux)
Adobe Illustrator - Adobe CC vector graphics editor, £19.97 per month  (Win, Mac)

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File compression is a process of "packaging" a file (or files) to use less disk space. Compression software allows you to take many files and compress them into one file, which is smaller than the combined size of the originals.

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Difference between Lossless and Losy Compresssion?

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Difference between Lossless and Losy Compresssion?

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Lossless and lossy compression are terms that describe whether or not, in thecompression of a file, all original data can be recovered when the file is uncompressed. With lossless compression, every single bit of data that was originally in the file remains after the file is uncompressed.

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Compressing is reducing the file size. We need it because it allows you to take many files and compress them into one file. Compression reduces the amount of space needed to store data. This can be used to free up hard drive space. Some files because of the huge file size they need to be compressed to be able to have multiple of the same type of file on your hard disk.

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Compression is performed by a program that uses a formula or algorithm to determine how to shrink the size of the data. For instance, an algorithm may represent a string of bits -- or 0s and 1s -- with a smaller string of 0s and 1s by using a dictionary for the conversion between them, or the formula may insert a reference or pointer to a string of 0s and 1s that the program has already seen.

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File compression allows you to store and back up significantly more data, faster. To effectively post files on a web page for someone else to download or to send large documents as email attachments. Files can become corrupted when they are transferred over the internet in an uncompressed format.

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Lossless compression is a class of data compression algorithms that allows the original data to be perfectly reconstructed from the compressed data. ... Lossless data compression is used in many applications. For example, it is used in the ZIP file format and in the GNU tool gzip.

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Advantages: No loss of quality, slight decreases in image file sizes.
Disadvantages: Larger files than if you were to use lossy compression.

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In information technology, lossy compression or irreversible compression is the class of data encoding methods that uses inexact approximations and partial data discarding to represent the content. These techniques are used to reduce data size for storage, handling, and transmitting content.

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Advantages: Very small file sizes and lots of tools, plugins, and software support it.
Disadvantages: Quality degrades with higher ratio of compression. Can’t get original back after compressing.