1. A method for wavelet based data compression, comprising: receiving data associated with a set of pixels that represent one of an image or a video as a data stream at a serial-in-parallel-out (SIPO) component of a transform circuit; providing an output of the SIPO component to a plurality of processor elements in a multicore processor of the transform circuit; computing, by the multicore processor, wavelet coefficients by applying a series of discrete wavelet transform (DWT) low-pass and high-pass filtering operations performed by the plurality of processor elements, each processor element including a high-pass filter element, a low-pass filter element, and a decimation element, wherein a number of filtering operations is reduced by: identifying common partial products for at least one of the low-pass filtering operations and the high-pass filtering operations; classifying a first portion of the wavelet coefficients as low magnitude coefficients and a second portion of the wavelet coefficients as high magnitude coefficients; eliminating the common partial products for the high magnitude wavelet coefficients; and replacing multiplication operations for the low magnitude wavelet coefficients with shift-and-add operations; applying, by the multicore processor, the DWT based on remaining filtering operations; receiving an output of the multicore processor at a parallel-in-serial-out (PISO) component of the transform circuit; and providing compressed data associated with the set of pixels as another data stream from an output terminal of the PISO component.