1. A method for identifying a vacant parking space in a parking lot, the method comprising: receiving, by a parking space identifier, at least one image frame from an imaging device, wherein the at least one image frame is associated with a portion of the parking lot; determining, by the parking space identifier, one or more bounding boxes indicative of one or more vehicles in the at least one image frame; executing, by the parking space identifier, vehicle classification on the detected one or more bounding boxes in the at least one image frame to determine at least one first dimension corresponding to each of the one or more vehicles in the portion of the parking lot, wherein the at least one first dimension represents a longest dimension of each of the one or more vehicles; comparing, by the parking space identifier, at least one second dimension of space in between pairs of non-overlapping bounding boxes and a predefined threshold corresponding to the vehicle classification, wherein the at least one second dimension is different from the at least one first dimension; and determining, by the parking space identifier, the vacant parking space associated with the vehicle classification based on the at least one first dimension and the comparison.