Does a procedure like Polygonize raster to vector exist in ArcGIS that can do the following?
I have a raster image, a shapefile (.shp) with all the regions of interest and I need a vector output with those polygons only.
To convert from rasters to polygons go to ArcToolbox -> Conversion Tools -> from raster -> Raster to polygon.
The raster must be an integer type. ie the values in each cell must be 1,2,3 not 1.1, 3.1415926 etc
After you have your polygons from the raster images and tidied them up (error check them as well) do a spatial clip using the second polygon layer so you only have polygons inside (or touching depending on what you want) the area of interest.