HEVC/H.265 is a video compression standard that provides around 50% better compression over H.264/AVC for the same level of video quality. It was finalized in 2013 by the joint collaboration of MPEG and ITU-T. Key features of HEVC include support for higher resolutions like 4K and 8K, improved parallel processing abilities, increased coding efficiency through larger block sizes and an expanded set of prediction modes.