difference between lossless compression and lossy compression

Lossy Compression	Lossless Compression
Lossy compression/ logical compression removes known useful part from the file	Lossless compression lossless compression just reconstruct the exact data
Lossy compression can decrease the size at greater extent	lossless compression reduce the size of the data at lower extent
compression quality of the data degrade	compression quality of the data degrade
After lossy compression the data cannot be recovered or restore	In lossless compression a file can be restored to its original form.
Algorithms uses are: Discrete Cosine Transform, Discrete Wavelet transform, fractal compression	Algorithm uses are : Huffman Coding, Arithmetic encoding, Run Length Encoding,
Examples: JPEG image, MPEG video, and MP3 audio formats	Examples: GZIP, Brotli, WebP, and PNG,

Advantages	Disadvantage
Can choose preferred degree of compression	Original file cannot be recover
Supported by many tools, plugins.	Compression may remove the usefull parts of file
Significant file reduced

Advantages	Disadvantage
Retain file quality in smaller size	Largely compress file size
No loss of quality, slight decreases in image file sizes.	Larger files than if you were to use lossy compression