<p>A very late answer, but might help someone searching for this in google, since this question popped up as the first result for "best segmentation algorithm".</p>

<p>Fully convolutional networks seem to do exactly the task you're asking for. Check the paper in <a href="https://arxiv.org/pdf/1605.06211.pdf" rel="nofollow noreferrer">arXiv</a>, and an implementation in <a href="http://www.vlfeat.org/matconvnet/models/pascal-fcn8s-dag.mat" rel="nofollow noreferrer">MatConvNet</a>.</p>

<p>The following image illustrates a segmentation example from these CNNs (the paper I linked actually proposes 3 different architectures, FCN-8s being the best).
<a href="https://i.stack.imgur.com/OShpH.png" rel="nofollow noreferrer"><img src="https://i.stack.imgur.com/OShpH.png" alt="Segmentation results"></a></p>
best Segmentation algorithm
<p>I'm trying to develop a system, which recognizes various objects present in an image based on their primitive features like texture, shape &amp; color.</p>

<p>The first stage of this process is to extract out individual objects from an image and later on doing image processing on each one by one.</p>

<p>However, segmentation algorithm I've studied so far are not even near perfect or so called Ideal Image segmentation algorithm.</p>

<p>Segmentation accuracy will decide how much better the system responds to given query.</p>

<p>Segmentation should be fast as well as accurate.</p>

<p>Can any one suggest me any segmentation algorithm developed or implemented so far, which won't be too complicated to implement but will be fair enough to complete my project..</p>

<p>Any Help is appreicated.. </p>