1. A method for reducing data size of at least one bitmap image comprising at least one block, wherein the block comprises a plurality of image components, each image component being associated with a distinct color plane, the method comprising: compressing the plurality of image components of the at least one block and calculating the corresponding compression ratio for each image component; ranking the plurality of image components using a dominance rank, wherein the dominance rank for an image component is based on the compression ratio for the image component; and reducing the resolution of at least one image component associated with the block, if the dominance rank associated with the at least one image component is below a dominance rank threshold.