System and method of data compression

A system for compressing a dataset of a plurality of datasets captured from one or more sensors, the system comprising:

• a processor;
• and
• a memory coupled to the processor, wherein the processor is capable of executing instructions stored in the memory for:
• filtering a dataset from a plurality of datasets based on occurrence of an event;
• determining a quality of information index for the dataset, wherein the quality of information index indicates a measure of quality of the dataset, wherein the quality of information index is determined based on a quality of information estimation function;
• comparing the quality of information index with a list of quality of information indices stored in a lookup table in order to identify a target quality of information index and compression parameters corresponding to the quality of information index, wherein the target quality of information index is indicative of a reference measure of quality of the dataset, and wherein the reference measure is applicable for deriving statistical inferences based on the analysis performed on the dataset, wherein the compression parameters comprises a scale of wavelet transform, a threshold on the number of transform coefficients, one or more quantizer decision boundaries and one or more representation levels;
• and
• inputting the compression parameters in a compression algorithm for compressing the dataset in order to achieve the target quality of information index for the analysis, wherein the compression parameters are used to compress the dataset when the quality of information index is greater than the target quality of information index.

A non-transitory computer program product having embodied thereon computer-executable instructions for compressing a dataset of a plurality of datasets captured from one or more sensors, the instructions comprising instructions for:

• filtering a dataset from a plurality of datasets based on occurrence of an event;
• determining a quality of information index for the dataset, wherein the quality of information index indicates a measure of the quality of the dataset, wherein the quality of information index is determined based on a quality of estimation function;
• comparing the quality of information index with a list of quality of information indices stored in a lookup table in order to identify a target quality of information index and compression parameters corresponding to the quality of information index, wherein the target quality of information index is indicative of a reference measure of quality of the dataset, and wherein the reference measure is applicable for deriving statistical inferences based on analysis performed on the dataset, wherein the compression parameters comprises a scale of wavelet transform, a threshold on the number of transform coefficients, one or more quantizer decision boundaries and one or more representation levels;
• and
• inputting the compression parameters in a compression algorithm for compressing the dataset in order to achieve the target quality of information index for the analysis, wherein the compression parameters are used to compress the dataset when the quality of information index is greater than the target quality of information index.