Files with DWG extension represent proprietary binary files used for containing 2D and 3D design data. Like DXF, which are ASCII files, DWG represent the binary file format for CAD (Computer Aided Design) drawings. It contains vector image and metadata for representation of contents of CAD files.
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 DWG into many other file formats. Please see the complete list below.