1. A method for identification of alphanumeric characters present in a series in an image, the method comprising steps of: capturing the image comprising the series of alphanumeric characters; processing, by a processor of a computerized device, the image for producing a set of identifiable characters out of the series of alphanumeric characters; the processing further comprising: computing, by the processor, a pattern for recognizing a pixel intensity distribution in the image for determining a background peak and a foreground peak; generating, by the processor, a plurality of binarized images by selecting a plurality of dynamic threshold values between the background peak and the foreground peak; filtering, by the processor, the generated binarized images by removing unwanted components from plurality of images to identify one or more valid characters; identifying, by the processor, one or more candidate images by comparing the valid characters with respect to a known ground truth value; generating, by the processor, a final candidate image by combining the candidate images such that the combination of the candidate images is dependent upon a predefined condition; and splitting, by the processor, the final candidate image into a predefined segments and recognizing a valid alphanumeric character associated with each segment therein.