A method for estimating speed of a vehicle, the method comprising: recording, by a processor, a speed of a vehicle using a first sensor at a time interval of a plurality of time intervals; recording, by the processor, an acceleration of the vehicle using a second sensor, and wherein the acceleration is recorded at each sub-interval of the time interval; obtaining, by the processor, a forward speed and a backward speed, of the vehicle at each sub-interval, wherein the forward speed is obtained by adding an initial value of the speed recorded by the first sensor with integrated value of the acceleration for a sub interval of the time interval, and wherein the backward speed is obtained by subtracting the integrated value of the acceleration for a sub-interval of the time interval from an end value of the speed recorded by the first sensor based upon the acceleration at each sub-interval; assigning, by the processor, a pre-defined weight to the forward speed and the backward speed at each sub-interval of the time interval, wherein the pre-defined weight is assigned to the forward speed at a sub-interval based on the relation (T-t)/T, and wherein the pre-defined weight is assigned to the backward speed at the sub-interval based on the relation (t)/T, where t is a sub-interval at which the pre-defined weight is assigned and T is the number of sub-intervals in the time interval; calculating, by the processor, a corrected speed of the vehicle at each sub-interval based upon the predefined weight, the forward speed and the backward speed; determining, by the processor, a trend of a slope associated with the speed of the vehicle, wherein the trend of the slope indicates the trend of the change in the speed of the vehicle between the plurality of time intervals; and estimating, by the processor, the speed of the vehicle at a sub-interval based upon the trend of the slope, wherein the speed is estimated using one of: maximum of the forward speed and the backward speed in the time interval when the trend of the change in the speed increases between the plurality of time intervals; minimum of the forward speed and the backward speed in the time interval when the trend of the change in the speed decreases between the plurality of time intervals; and the corrected speed at the sub-interval when the trend of the change in the speed averages between the plurality of time intervals. recording, by a processor, a speed of a vehicle using a first sensor at a time interval of a plurality of time intervals; recording, by the processor, an acceleration of the vehicle using a second sensor, and wherein the acceleration is recorded at each sub-interval of the time interval; obtaining, by the processor, a forward speed and a backward speed, of the vehicle at each sub-interval, wherein the forward speed is obtained by adding an initial value of the speed recorded by the first sensor with integrated value of the acceleration for a sub interval of the time interval, and wherein the backward speed is obtained by subtracting the integrated value of the acceleration for a sub-interval of the time interval from an end value of the speed recorded by the first sensor based upon the acceleration at each sub-interval; assigning, by the processor, a pre-defined weight to the forward speed and the backward speed at each sub-interval of the time interval, wherein the pre-defined weight is assigned to the forward speed at a sub-interval based on the relation (T-t)/T, and wherein the pre-defined weight is assigned to the backward speed at the sub-interval based on the relation (t)/T, where t is a sub-interval at which the pre-defined weight is assigned and T is the number of sub-intervals in the time interval; calculating, by the processor, a corrected speed of the vehicle at each sub-interval based upon the predefined weight, the forward speed and the backward speed; determining, by the processor, a trend of a slope associated with the speed of the vehicle, wherein the trend of the slope indicates the trend of the change in the speed of the vehicle between the plurality of time intervals; and estimating, by the processor, the speed of the vehicle at a sub-interval based upon the trend of the slope, wherein the speed is estimated using one of: maximum of the forward speed and the backward speed in the time interval when the trend of the change in the speed increases between the plurality of time intervals; minimum of the forward speed and the backward speed in the time interval when the trend of the change in the speed decreases between the plurality of time intervals; and the corrected speed at the sub-interval when the trend of the change in the speed averages maximum of the forward speed and the backward speed in the time interval when the trend of the change in the speed increases between the plurality of time intervals; minimum of the forward speed and the backward speed in the time interval when the trend of the change in the speed decreases between the plurality of time intervals; and the corrected speed at the sub-interval when the trend of the change in the speed averages between the plurality of time intervals.