HEIC is a file extension that Apple uses for the HEIF image format, which are usually coded by HEVC codec (High Efficiency Video Compression). This format is great for Live Photos because it can contain an image sequence. The best part about it is that you can store twice as many pictures in the HEIC format as in JPEG in the same size and quality because it uses the next-generation file compression.

JP2 is a bitmap image format JPEG 2000. This can be a picture, an image from a surveillance camera, digital fax and other. In JPEG 2000 to compress the file using the technology of wavelet transform. This allows for a smoother and sharper image and the file size compared to JPEG for the same quality is lower.