Why do we need video compression?

In the current digital era, where watching high-definition videos for work or personal use is expected, there is a greater need than ever for effective streaming and storage solutions. As a content creator, I want to distribute a full-length video on the internet, it must strike a balance between excellent quality and small file sizes to guarantee seamless playback and accessibility for viewers on several platforms. Large file sizes might cause excessive bandwidth usage, protracted upload times, and potential buffering problems for viewers, especially those with slow internet or data caps. How can I get around these problems?