A system comprising: at least one memory storing a plurality of instructions; one or more hardware processors communicably coupled with the at least one memory, wherein the one or more hardware processors are configured to execute one or more modules; at least one low-cost sensor configured to measure soil moisture of a field, wherein the low-cost sensor works on a principle of resistance through a sensing element; a calibration module configured to calibrate the at least one low-cost sensor based on a set of predefined parameters to achieve a predefined value of the soil moisture, wherein the calibrated at least one low-cost sensor is employed in the field to measure soil moisture; a multimedia component configured to capture at least one image of the at least one low-cost sensor, wherein the captured at least one image is pre-processed to remove noise and detect a binary edge-map of the at least one captured image; an identification module configured to identify a contour of a probe of the at least one low-cost sensor from the pre-processed at least one image based on a topological structural analysis on the binary edge-map of the image, wherein the identified contour of the probe provides a silver metal pixel of the probe and wherein pixels satisfying hue saturation value threshold range for all channels are considered as silver values, the Hue being any degree, saturation being 0 to 4% and value being 60 to 85 %; a determining module configured to determine a percentage of the silver metal pixel and a connectivity of the silver metal pixel with a base of the at least one sensor; an analyzing module configured to analyze performance of the at least one low-cost sensor using a predefined range of values of the soil moisture, the determined percentage of the silver metal pixel and the connectivity of the silver metal pixel with the base, wherein the performance analysis includes evaluation of degradation stages of the low-cost sensor; and a recommendation module configured to recommend one or more corrective measures for the at least one low-cost sensor based on the performance analysis, wherein the one or more corrective measures include modification in the existing low-cost sensor and replacement of the existing low-cost sensor with a new low-cost sensor. at least one memory storing a plurality of instructions; one or more hardware processors communicably coupled with the at least one memory, wherein the one or more hardware processors are configured to execute one or more modules; at least one low-cost sensor configured to measure soil moisture of a field, wherein the low-cost sensor works on a principle of resistance through a sensing element; a calibration module configured to calibrate the at least one low-cost sensor based on a set of predefined parameters to achieve a predefined value of the soil moisture, wherein the calibrated at least one low-cost sensor is employed in the field to measure soil moisture; a multimedia component configured to capture at least one image of the at least one low-cost sensor, wherein the captured at least one image is pre-processed to remove noise and detect a binary edge-map of the at least one captured image; an identification module configured to identify a contour of a probe of the at least one low-cost sensor from the pre-processed at least one image based on a topological structural analysis on the binary edge-map of the image, wherein the identified contour of the probe provides a silver metal pixel of the probe and wherein pixels satisfying hue saturation value threshold range for all channels are considered as silver values, the Hue being any degree, saturation being 0 to 4% and value being 60 to 85 %; a determining module configured to determine a percentage of the silver metal pixel and a connectivity of the silver metal pixel with a base of the at least one sensor; an analyzing module configured to analyze performance of the at least one low-cost sensor using a predefined range of values of the soil moisture, the determined percentage of the silver metal pixel and the connectivity of the silver metal pixel with the base, wherein the performance analysis includes evaluation of degradation stages of the low-cost sensor; and a recommendation module configured to recommend one or more corrective measures for the at least one low-cost sensor based on the performance analysis, wherein the one or more corrective measures include modification in the existing low-cost sensor and replacement of the existing low-cost sensor with a new low-cost sensor.