JPEG 2000 (JP2) is an image compression standard developed by the Joint Photographic Experts Group in the late 1990s with the intention of surpassing the original JPEG standard. It offers superior compression performance, meaning it can achieve higher image quality at smaller file sizes compared to JPEG. Unlike JPEG, which relies on the Discrete Cosine Transform (DCT), JPEG 2000 uses wavelet technology, enabling both lossy and lossless compression. This makes it suitable for a wider range of applications, including archiving, medical imaging, and high-resolution photography. JPEG 2000 also supports features like region of interest (ROI) coding, allowing specific areas of an image to be encoded with higher quality than others. While technically superior, JPEG 2000 never achieved widespread adoption due to factors like higher computational complexity and patent concerns, leading to slower encoding/decoding speeds and licensing issues. However, it remains relevant in specific industries and applications where its advanced features are beneficial.