The last two decades have seen tremendous growth in data collections because of the realization of recent technologies, including the internet of things (IoT), E-Health, industrial IoT 4.0, autonomous vehicles, etc. The challenge of data transmission and storage can be handled by utilizing state-of-the-art data compression methods. Recent data compression methods are proposed using deep learning methods, which perform better than conventional methods. However, these methods require a lot of data and resources for training. Furthermore, it is difficult to materialize these deep learning-based solutions on IoT devices due to the resource-constrained nature of IoT devices. In this paper, we propose lightweight data compression methods based on data statistics and deviation. The proposed method performs better than the deep learning method in terms of compression ratio (CR). We simulate and compare the proposed data compression methods for various time series signals, e.g., accelerometer, gas sensor, gyroscope, electrical power consumption, etc. In particular, it is observed that the proposed method achieves 250.8\%, 94.3\%, and 205\% higher CR than the deep learning method for the GYS, Gactive, and ACM datasets, respectively. The code and data are available at https://github.com/vidhi0206/data-compression .