Hi @Chaitanya Kiran ,
Yes. I recommend you to read these.
Configure Backup Compression (SQL Server)
Behavior of compressed backups when you append backups to an existing media set
Here is a point: One of the main restrictions with compressed backups is that compressed and uncompressed backups cannot co-exist in a media set.
Finally, I suggest you might want to do a test yourself, starting with creating a new test database to get a feel for the change in database size after compression.
I did a test and now i post my results below:
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