The amount of storage space needed can be reduced without any worries whatsoever by activating lossless compression in the DNG Converter, and most proprietary formats have a corresponding lossless mode. In the DNG specification, lossless compression is achieved by using Lossless JPEG, which despite its name has nothing in common with the better known lossy JPEG.
In Lossless compression, the data is processed using reversible mathematical operations and an encoding with a variable number of bits per pixel to reduce file size.
It may, for example, be possible that a large part of the image is a smooth blue sky, where differences between neighbouring pixel values are close to 0. These differences can then be encoded in, say, 2 bits instead of the original 16, saving a factor of 8 for this part of the image. Usually, there will then be other parts of the image where pixels take up more than 16 bits, but such that there is still a net reduction in file size. The reduction in file size comes at the cost of processing time. The software that writes or reads the image data has to figure out how many bits each pixel occupies and to the calculation necessary to retrieve the original pixel value. This is usually a compromise: the more complex mathematical operations are available, the more the file size can be reduced. However, typical raw images can only be compressed by a factor of about 2, because about half of the image data is occupied by noise, and noise cannot be "simplified" with any reversible mathematical operations.
So in a DNG with lossless compression, our sample image file will typically take up between 40 and 50 MB, instead of the original 92 MB.