Files having extension .BMP represent Bitmap Image files that are used to store bitmap digital images. These images are independent of graphics adapter and are also called device independent bitmap (DIB) file format. This independency serves the purpose of opening the file on multiple platforms such as Microsoft Windows and Mac. The BMP file format can store data as two-dimensional digital images in both monochrome as well as color format with various colour depths.
JPEG 2000 (JP2) is an image coding system and state-of-the-art image compression standard. Designed, using wavelet technology JPEG 2000 can code lossless content in any quality at once. Moreover, without any substantial penalty in coding efficiency, JPEG 2000 have the capability to access and decode the same content efficaciously into a variety of other resolutions and qualities. The code streams in JPEG 2000 is significantly scalable having regions of interest that provide the facility for spatial random access. Possessing Up to 16384 diverse components with the dimensions in terapixels, and precision that can be high as 38 bits/sample.
You can also convert BMP into many other file formats. Please see the complete list below.