1. A method implementable on a computing device for determining color characteristics of an image, the method comprising: identifying one or more regions in the image based on a luminance value associated with pixels in the image, wherein each region comprises a set of pixels having a predefined range of luminance values; categorizing a pixel in the set of pixels in one or more predefined color categories based on a chroma value associated with the pixel, wherein the one or more predefined color categories are determined based on luminance values associated with the set of pixels in a region, from the one or more regions, associated with the pixel; determining a weighted sum of count of pixels, categorized in each of the one or more predefined color categories, for each of the one or more regions; and determining the color characteristics of the image based on a number of regions, from the one or more regions, having the weighted sum exceeding a predetermined threshold.