A method for image compression of a set of image data includes performing a quantization operation on the image data. The quantization operation may include controlling a compression factor by applying a scaled quantization level obtained by multiplying a first quantization level by a gain factor. The gain factor may be updated as a function of a bit per pixel value of a compressed image. The update operation may include an iterative procedure including at least one iteration step that provides for updating a current gain factor as a function of a previous gain used for performing a previous compression step and as a function of a ratio of the bit per pixel value of the compressed image at the previous compression step to a target bit per pixel value. The method may be used in Joint Photographic Experts Group (JPEG) image processing and digital still cameras.