For real-time similarity search, KNN with Approximate Nearest Neighbors (ANN) is the most effective method, balancing precision, recall, and retrieval accuracy. Cosine similarity comes close, especially for moderate-sized datasets, but it lacks the optimizations that KNN provides for scalability. Euclidean and Manhattan distances are effective in low-dimensional spaces but struggle as the dataset and dimensionality increase. Image hashing, while fast, is limited to detecting near-duplicates and performs poorly in real-time similarity searches.