What is benefits of Image optimization

[Rajdeep Bose]

Image optimization is using the most compressed yet visually acceptable image in the proper file format for the specific role of the image. Google cannot read your image's content. Instead it will read the text in Alt attribute which describe what the image is about.

[shashinspatel]

Optimizing image will lower the size of the image and will help the website to load faster, which is really important for SERP of search engine page.

[dennis123]

It will improve your page loading speed (see our case study below for how much it affects your speed). If your page takes too long to load your visitors might get tired of waiting and move on to something else. For more information about optimizing your page loading time see our in-depth page speed optimization guide.
Combined with a great SEO WordPress plugin it improves your SEO. Your site will rank higher in search engine results. Large files slow down your site and search engines hate slow sites. Google will is also likely to crawl and index your images faster for Google image search. Curious about what percentage of your traffic comes from Google image search? You can use a Google Analytics segment to check Google image search traffic.
Creating backups will be faster.
Smaller image file sizes use less bandwidth. Networks and browsers will appreciate this.
Requires less storage space on your server (this depends upon how many thumbnails you optimize)