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The Textures rollout is accessible through the Perf. tab of the Render Settings. These options give direct UI access to texture-related operations when the renderer is V-Ray GPU. 

UI Path: ||Render Setup window|| > Performance tab > Textures rollout (Renderer set to V-Ray GPU)

Mode – Determines how the resolution and size of textures are handled to optimize the memory usage.

Full-size – Textures are loaded at their original size.
Resize – Adjusts the size of high-resolution textures to a smaller resolution to optimize render performance.
On-demand mip-mapped – Instead of loading all the texture files at their default resolution (original or resized), V-Ray GPU loads the textures as needed and automatically creates mip-map tiles for them (regardless of their texture type)Compressed – Textures are loaded with compression to decrease GPU memory consumption. This texture mode sacrifices some texture quality to make the texture smaller (roughly ~75% reduction in memory usage). As a result, the GPU memory consumption is decreased; textures that are not visible are not loaded, and textures that are further away from the camera are loaded with lower resolution.
Compressed – Textures are loaded with compression to decrease GPU memory consumption.you need much less memory for textures enabling renders of bigger scenes. Not all textures are compressed using this option and exceptions are made based on the bitmap usage:

Max Size Max Size – Specifies the resolution to which textures are resized when Mode is set to Resize.

Format – The amount of bits per channel used to store the material texture information into memory. This does not affect textures used for lights and displacement.

8-bit – 8 bits of data used per color channel.
Half – 16 bits of data used per color channel.
Float – 32 bits of data used per color channel.

Use System Memory for Textures – Lowers GPU memory usage significantly by offloading textures to system memory with little impact on performance.

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