Lossless and lossy are the two (2) universally known categories of compression algorithms. Compare the two (2) categories of algorithms, and determine the major advantages and disadvantages of each.

Lossless and lossy are the two (2) universally known categories of compression algorithms. Compare the two (2) categories of algorithms, and determine the major advantages and disadvantages of each. Provide one (1) example of a type of data for which each is best suited.