JPEG is a standard image format developed by the Joint Photographic Experts Group in 1992. Today, JPEG is undoubtedly the most popular photo format because of its small file size and compatibility with all image viewing environments. It uses lossy compression that gives it the small file size, albeit sacrificing the image quality.
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.