JPEG 2000 is the most widely used standard for still image coding. Some other well-known image coding techniques include JPEG, JPEG XR and WEBP. This paper provides performance evaluation of JPEG 2000 with reference to other image coding standards, such as JPEG, JPEG XR and WEBP. For the performance evaluation of JPEG 2000 with reference to JPEG, JPEG XR and WebP, we considered divers image coding scenarios such as continuous tome images, grey scale images, High Definition (HD) images, true color images and web images. Each of the considered algorithms are briefly explained followed by their performance evaluation using different quality metrics, such as Peak Signal to Noise Ratio (PSNR), Mean Square Error (MSE), Structure Similarity Index (SSIM), Bits Per Pixel (BPP), Compression Ratio (CR) and Encoding/ Decoding Complexity. The results obtained showed that choice of the each algorithm depends upon the imaging scenario and it was found that JPEG 2000 supports the widest set of features among the evaluated standards and better performance.