The disclosure relates to anomaly detection in an industrial environment including multiple industrial units and systems, generating huge volume of data. The conventional methods rely only on sensor data alone. The techniques of handling missing data plays a crucial role in determining the performance of industrial anomaly detection system. Further, imputation of missing data could cause error in computation, thus affecting the accuracy of the industrial anomaly detection system. The present disclosure addresses the problems associated with missing data by utilizing a masking technique. Further, the present disclosure utilizes quantitative and qualitative metadata associated with industrial system along with the sensor data to improve anomaly detection performance. Furthermore, the present disclosure includes a model recommendation system which provides transfer learning based utilization of existing models for similar industrial systems.