What are the different usecases of PNG vs. GIF vs. JPEG vs. SVG?

Question

When should certain image file types be used when building websites or interfaces, etc?

What are their points of strength and weakness?

I know that PNG &

Answer 1

GIF has 8 bit (256 color) palette where PNG as upto 24 bit color palette. So, PNG can support more color and of course the algorithm support compression