Online videos and image blogging are some of the major sources for internet traffic and are estimated to have exponential growth in the future. Efforts are made to introduce advanced compression formats for images and included in the future codecs. This paper focuses on analyzing and comparing the existing codecs with the potential codecs to obtain very good quality images with substantially high compression rate. Using the same test conditions and same test content-set for both image and video codecs, like JPEG, JPEG LS, JPEG XR, JPEG 2000, JPEG XT, HEVC, VVC and EVC, the output quality of the image is analyzed using quality metrics like PSNR (Peak Signal-to-Noise Ratio) and SSIM (Structural Similarity Index Metric). Fitting properties of each codec, conditions of testing and performance comparison between the codecs are analyzed. The test results indicate that JPEG XR is best suited for low resolution and HD image compressions while JPEG 2000 and JPEG XT are best suited for grey-scale and 4K image compressions respectively. The paper concludes with detailed analysis of codec performance including suggestion over its applications and scope for future work.