Next Generation image formats like JPEG2000, JPEG XR & WebP having better compression and less data consumption are being considered for a SEO friendly website.Serve Images in Next Gen Formats has become one of the major criteria for Google Page Speed Insights. 

WebP image stands for Website Performance images, a image format specially created by Google Team to replace JPEG, JPG, PNG & GIF image formats. Primary cause of the WebP image is to reduce the image size while maintaining a certain viewable image quality.

The major concern still lies with the fact that not all browsers support WebP image formats as of now, while the famous Google Chrome does. On the other hand, not much content management systems (CMS) and website builders have developed ways to easily display WebP image formats. CMS like WordPress, have come up with certain plugins to display WebP image, updates on the same are still pending for smooth user friendly operations. Wikipedia displays most of its images as WebP images.