A processor implemented method, comprising: receiving, by one or more gateway devices, observation data from one or more Internet of Things (IoT) devices at one or more time intervals, wherein the observation data is received when the one or more gateway devices are in an adaptation phase in which the one or more gateway devices learn pattern of the observation data, and wherein the observation data comprises a plurality of data packets; capturing by the one or more gateway devices, a sequence of raw data samples n from the received observation data by performing de-packetization of the observed data in a data vector representation( x t) a vector, x 1, x 2,..., x n such that x t ∈ R m where t denotes the time stamp at which the data samples are stored in a vector x [ t] from m IoT devices; computing at each of the one or more gateway devices, a first prediction error based on a residual weighted vector w and a prediction vector h, wherein the prediction vector h is computed using the sequence of raw data samples captured in the data vector representation ( x t) such that h = U t y where U t is orthogonal matrix and y is weighted vector, and wherein the residual weighted vector w is computed as the difference between data vector representation ( x t) and the prediction vector h; switching the one or more gateway devices from the adaptation phase to an estimation phase when the first prediction error is less than a first pre-defined threshold and computing at each of the one or more gateway devices, bind information x t i ∗ w t i ∗ for each of the IoT device i at time stamp t given by: x t ∗ = x t 1 ∗ x t 2 ∗. x t m ∗ T and w t ∗ = w t 1 ∗ w t 2 ∗. w t m ∗ T where m is the number of IoT devices deployed, and transmitting the bind information to each of the one or more IoT devices; obtaining a second prediction error from each of the one or more IoT devices, wherein the second prediction error is computed based on the bind information received from the one or more gateway devices; and switching the one or more gateway devices from the estimation phase to a prediction phase in which the one or more gateway devices starts predicting the data for corresponding IoT device when the second prediction error of the IoT device is less than a second pre-defined threshold and identifying and re-constructing at least one of missing data and corrupted data in the plurality of data packets by independently tracking instant data from the one or more IoT devices, wherein the at least one of missing data and corrupted data in the plurality of data packets are reconstructed. receiving, by one or more gateway devices, observation data from one or more Internet of Things (IoT) devices at one or more time intervals, wherein the observation data is received when the one or more gateway devices are in an adaptation phase in which the one or more gateway devices learn pattern of the observation data, and wherein the observation data comprises a plurality of data packets; capturing by the one or more gateway devices, a sequence of raw data samples n from the received observation data by performing de-packetization of the observed data in a data vector representation( x t) a vector, x 1, x 2,..., x n such that x t ∈ R m where t denotes the time stamp at which the data samples are stored in a vector x [ t] from m IoT devices; computing at each of the one or more gateway devices, a first prediction error based on a residual weighted vector w and a prediction vector h, wherein the prediction vector h is computed using the sequence of raw data samples captured in the data vector representation ( x t) such that h = U t y where U t is orthogonal matrix and y is weighted vector, and wherein the residual weighted vector w is computed as the difference between data vector representation ( x t) and the prediction vector h; switching the one or more gateway devices from the adaptation phase to an estimation phase when the first prediction error is less than a first pre-defined threshold and computing at each of the one or more gateway devices, bind information x t i ∗ w t i ∗ for each of the IoT device i at time stamp t given by: x t ∗ = x t 1 ∗ x t 2 ∗. x t m ∗ T and w t ∗ = w t 1 ∗ w t 2 ∗. w t m ∗ T where m is the number of IoT devices deployed, and transmitting the bind information to each of the one or more IoT devices; obtaining a second prediction error from each of the one or more IoT devices, wherein the second prediction error is computed based on the bind information received from the one or more gateway devices; and switching the one or more gateway devices from the estimation phase to a prediction phase in which the one or more gateway devices starts predicting the data for corresponding IoT device when the second prediction error of the IoT device is less than a second pre-defined threshold and identifying and re-constructing at least one of missing data and corrupted data in the plurality of data packets by independently tracking instant data from the one or more IoT devices, wherein the at least one of missing data and corrupted data in the plurality of data packets are reconstructed.