BMP, also called a bitmap image, is a raster image file format developed by Microsoft Corporation for its Windows operating system. Typically, BMP is used to save bitmap digital images in a display device and can save two-dimensional photos in monochrome and color. Although most BMP files have significant file sizes because of lack of data compression, they can be compressed losslessly via algorithms like ZIP.
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TIFF (Tagged Image File Format) is a standard computer image file format used for saving raster graphic images. It was first developed for desktop publishing by Aldus Corporation, which was later acquired by Adobe Systems in 1994. Interestingly, TIFFs can store information in lossless format and also supports the LZW compression algorithm for reducing the file size.