Image compression is one of most extensively addressed research area. There are so many technologies are already existing on image compression such as JPEG, MPEG and H.26x standards apart from this some new technologies such as neural network and wavelet transformation have been developed to investigate the bright future of coding for image compression. This paper deals with the area of image compression as its application to various image processing fields. Extensive surveys on the development of neural network and wavelet transformation for image compression have been presented in this paper. In this research paper, we also explain the various error metric
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