Can data be compressed infinitely? No. Thank goodness. Part of the problem is the effort required to compress data represents the effort required to get at it. Thus, the more highly compressed it is the more inaccessible (aka, usless) it becomes. From our sister site, SuperUser we find the following example:
Top performers (based on compression) in this test are PAQ8 and WinRK (PWCM). They are able to compress the 300+ Mb testset to under 62 Mb (80% reduction in size) but take a minimum of 8,5 hour to complete the test. The number one program (PAQ8P) takes almost 12 hours and number four (PAQAR) even 17 hours to complete the test. WinRK, the program with the 2nd best compression (79.7%) takes about 8,5 hours
Decompression is often faster than compression, but it's still a factor you might want to consider. There comes a point where the effort to compress and decompress isn't worth the value, leaving you with the narrative necessity of increasing the limited storage capacity.
Having said that, a comment on that same post on SuperUser points out that a billion-letter notepad file containing a single letter, "A," can be easily compressed to next to nothing while a file containing random characters compresses much less efficiently. That's why you're having trouble finding hard numbers. There isn't a single number guaranteed to represent all types of data and all kinds of files. A datafile, on average, is lucky to see 60% compression. I've seen original TIFF graphic files that couldn't be compressed 2%.
let's talk instead about physical storage. I once had as mementos of my college days, a couple of 1Mb hard drives. They were five inches thick and eighteen inches in diameter. Today that same megabyte of storage fits on a space smaller than the tip of a sharpened pencil.1
Let's combine that with the burgeoning technology of atomic manipulation. That's the ability to manipulate individual atoms. This is something we can't do yet on a practical level, but ignore that. Instead imagine constructing an atomic-level lattice that can be read optically or electrically. The compression of data physically becomes breathtaking. It has been suggested the sum of all human knowledge is approximately 295 Exabytes (an exabyte is 8x1018 bits). However, it shold be noted that humanity's knowledge is expanding at an equally breathtaking rate.
Big Data is growing exponentially. In 2006, the world was generating 161 exabytes of data each year. Just 14 years later, we churn out an additional 2.5 exabytes of data every single day. And while we’re producing loads of data now, it’s nothing compared to what’s coming—for example, storage for the media and entertainment industry alone is projected to grow about 13.3x between 2017 and 2023, and the storage capacity for human genome data is estimated to reach 40 exabytes by 2025. (Ibid.)
To be honest, a lot of that information can, as we say, be compressed. First systemically by removing duplication and making judgements in value. Knowing the dimensions of a bathroom in your home to twenty decimals of precision is, honestly, useless information. Second, through mathematical compression. Let's throw caution to the wind and suggest that in the future we figure out ways to compress better than 2:1. Let's suggest a believable 10:1. Let's then suggests (yup, a lot of assumptions are being made) that the total amount of information that your creation needs is no more than 1,000 exabytes (one zettabyte) of compressed data. Only half jokingly, I'm assuming "the entire knowledge of humanity" needn't include the pictures my little sister drew when she was five years old. Having established that there are limits in usefulness, we're really not dealing with the entirety of human knowledge. Once again... thank goodness.
So, a zettabyte of compressed data going onto an atomic lattice. Ignoring the science (because we're inventing it), let's say a single atomic peak with a ten atom valley in each direction. So we need a space of 10x10 "atoms" to store the data. Taking something somewhat (OK, almost completely) at random, let's asume a mid-sized atom like Antimony, atomic size 150 picometers. A zettabyte lattice would be 1x1021x100*150x10-12 = 1,500,000,000 square meters (if I did the math correctly...). That sounds outrageous until you consider that in terms of today's technology that's one-billion terrabyte hard drives. So, 1,500 square kilometers. Assume we need a nanometer spacing betwee layers of antimony to accomodate our Clarkean data reading system and we get a cube 1.5 meters square.
OK! What did we end up with
Thank goodness for the science-fiction tag.
Assuming a successful data compression rate of 10:1, which is 5X better than we can do consistently today.
Assuming "the entirety of human knowledge" can be believably represented by 1 zettabyte of compressed data, meaning 10 zettabytes of uncompressed data.
Assuming we can hardwire the decompression process into the data retreival system such that the time it takes to obtain information can be ignored.
Assuming atomic manipulation to make the storage medium.
Assuming a single bit of data can be read using a volume of 15 cubic attometers.
Your data storage device is 1.5 cubic meters.
However! The important part of this mental exercise is that you can define that volume and the storage it represents to be anything you want. What I've given you is the scientific references you can use to rationalize your choice.
1 I might be wrong about this, but if I am, we're darn close to achieving that goal.