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What is this “alphabet soup” of file formats-JPEG, GIF, BMP, TIFF, PCD?

BMP file GIF pcd TIFF
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What is this “alphabet soup” of file formats-JPEG, GIF, BMP, TIFF, PCD?

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A. A great number of image formats exist because the competition in the software industry is very intense. Different companies promoted their particular image format. To make sure their product is useful to a greater number of users, manufacturers now commonly enable their imaging applications to use a variety of formats. Each format has a particular advantage.

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