An apparatus comprises a processing device configured to collect system state information from host devices, to split the collected system state information into logical chunks, and to determine, based at least in part on a plurality of factors, a compression level to be applied to each of the logical chunks. The plurality of factors comprise a first factor characterizing a time at which the collected system state information is needed at a destination device and at least a second factor characterizing resources available for at least one of performing compression of the collected system state information and transmitting the collected system state information over at least one network to the destination device. The processing device is further configured to apply the determined compression level to each of the logical chunks to generate compressed logical chunks, and to transmit the compressed logical chunks to the destination device.