Technology used to compress images for faster loading times on websites includes JPEG, PNG, and WebP. JPEG is typically used for photographs due to its efficient lossy compression, balancing quality and file size. PNG is chosen for graphics requiring transparency or sharper details, offering lossless compression. WebP, developed by Google, provides superior compression rates, both lossy and lossless, improving website speed without sacrificing visual quality. These compression technologies play a crucial role in enhancing user experience by reducing loading times substantially.