What are the pros and cons of lossy and lossless data compression for different types of data?

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Data compression is a technique that reduces the size of files by removing or encoding redundant or irrelevant information. It can help save storage space, bandwidth, and costs, but it also has some trade-offs depending on the type of data and the compression method. In this article, we will compare the pros and cons of lossy and lossless data compression for different types of data in the context of enterprise storage.