Nuclear technology with its ever increasing use in power industry and radioisotope production is afflicted by the troubles of nuclear waste management of highly contagious and hazardous spent nuclear fuel. Alongside conventional fuel handling, researchers and waste handlers are exploring advanced options as well. One of the plausible options is transmutation-induced conversion of long-living radionuclides into short-living or stable ones to reduce radioactivity levels in the waste before its final disposal. In this study, two different methods of photonuclear transmutation, the conventional Bremsstrahlung process and the laser-Compton scattering (LCS), are compared for their transmutation rates in the light of power consumption, heating of target material, and impacts of future advancements in technologies being used. The findings suggest that the conventional Bremsstrahlung process has higher transmutation reaction rates (of 2-3 orders of magnitude) than the LCS-based transmutation. Whereas, given credit to the advancements in laser technology or utilizing the multiple laser extraction concept, the LCS-based transmutation rates will surpass the existing transmutation rates by 4 to 5 orders of magnitude. The increase in the Bremsstrahlung-based transmutation reaction rates is constrained by very high power consumptions in electron beam source. The added benefit of LCS-based transmutation lies in the reduced heating of transmuted material by elimination of unwanted reactions.