JPEG 2000 (JP2) is an image compression standard that uses wavelet technology, offering superior image quality and compression ratios compared to the original JPEG standard. It supports both lossless and lossy compression, allowing for flexibility in balancing image quality and file size. Key features include progressive decoding (allowing lower resolution versions to be viewed quickly), region-of-interest coding (prioritizing certain areas of the image), and resilience to bit errors. JPEG 2000 is often used in applications where high image quality and efficient storage are crucial, such as medical imaging, digital archiving, and high-resolution photography. While it offers significant advantages, its adoption has been somewhat limited due to patent concerns and the established popularity of JPEG. However, it remains a valuable format for specific use cases where its advanced features are beneficial. The format also supports metadata, including color profiles and copyright information.