BMP or Bitmap Image File is a format developed by Microsoft for Windows. There is no compression or information loss with BMP files which allow images to have very high quality, but also very large file sizes. Due to BMP being a proprietary format, it is generally recommended to use TIFF files.
Compression: None
Best For: High quality scans, archival copies
Learn more about BMP file types
An EPS or Encapsulated PostScript file is a common vector file type. EPS files can be opened in many illustration applications such as Adobe Illustrator or CorelDRAW.
Compression: None - uses vector information
Best For: Vector artwork, illustrations
Special Attributes: Saves vector information
Learn more about EPS file types
GIF or Graphics Interchange Format files are widely used for web graphics, because they are limited to only 256 colors, can allow for transparency, and can be animated. GIF files are typically small is size and are very portable.
Compression: Lossless - compression without loss of quality
Best For: Web Images
Special Attributes: Can be Animated, Can Save Transparency
Learn more about GIF file types
PNG or Portable Network Graphics files are a lossless image format originally designed to improve upon and replace the gif format. PNG files are able to handle up to 16 million colors, unlike the 256 colors supported by GIF.
Compression: Lossless - compression without loss of quality
Best For: Web Images
Special Attributes: Save Transparency
Learn more about PNG file types
RAW images are images that are unprocessed that have been created by a camera or scanner. Many digital SLR cameras can shoot in RAW, whether it be a .raw, .cr2, or .nef. These RAW images are the equivalent of a digital negative, meaning that they hold a lot of image information, but still need to be processed in an editor such as Adobe Photoshop or Lightroom.
Compression: None
Best For: Photography
Special Attributes: Saves metadata, unprocessed, lots of information
Learn more about RAW file types
SVG stands for Scalable Vector Graphics, and is a vector graphic format—based on XML and is used to display a variety of graphics on the Web and other environments. Under the hood, SVG documents are nothing more than simple plain text files that describe lines, curves, shapes, colors, and text. SVG has a flexiblity and versatility that can’t ever be matched by traditional PNG, GIF or JPGs.
Compression: None - uses vector information.
Best For: Illustrations like logos, icons, and graphs
Special Attributes: Works well with current web development demands of scalability, responsiveness, interactivity, programmability, performance, and accessibility.
Learn more about SVG file types
From LifeWire | What is an SVG File?
From SitePoint | SVG 101
TIFF or Tagged Image File Format are lossless images files meaning that they do not need to compress or lose any image quality or information (although there are options for compression), allowing for very high-quality images but also larger file sizes.
Compression: Lossless - no compression. Very high-quality images.
Best For: High quality prints, professional publications, archival copies
Special Attributes: Can save transparencies
