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With increasing demand for applications in multimedia, mobile communications and computer networks, the field of image coding attracts many researchers. Accomplishment of higher compression ratio while retaining good image quality is needful in the present demanding environment. Many multimedia applications are demanding for low disk memory requirement, faster and good perceptual quality for images/video. In this paper, authors have reviewed abundant attempts made by researchers to fulfill thedoi:10.5120/11486-7188 fatcat:6opnfuwe7rf3bnigh4jt6hqlz4