JPEG 2000 is an image compression standard that utilizes discrete wavelet transform (DWT) to achieve improved compression efficiency, allowing for both lossy and lossless compression with features like progressive decoding and region of interest (ROI) coding. Compared to JPEG, JPEG 2000 offers enhanced error resilience and supports multi-resolution image representation, making it suitable for various applications including volumetric imaging and wireless applications. The document also outlines the encoding architecture, standardization process, and available resources for the JPEG 2000 codec.