TLDR: There are two versions of the Parquet file format, but adoption of Version 2 is slow due to limited compatibility in major engines and tools. While Version 2 offers improvements (smaller file sizes, faster write/read times), these gains are modest, and ecosystem support remains fragmented. If full control over the data pipeline is possible, using Version 2 can be worthwhile; otherwise, compatibility concerns with third-party integrations may outweigh the benefits. Parquet remains dominant, and its utility far surpasses these challenges