Embodiments of the present disclosure provide a method and system for co-operative and cascaded inference on the edge device using an integrated Deep Learning (DL) model for object detection and localization, which comprises a strong classifier trained on largely available datasets and a weak localizer trained on scarcely available datasets, and work in coordination to first detect object (fire) in every input frame using the classifier, and then trigger a localizer only for the frames that are classified as fire frames. The classifier and the localizer of the integrated DL model are jointly trained using Multitask Learning approach. Works in literature hardly address the technical challenge of embedding such integrated DL model to be deployed on edge devices. The method provides an optimal hardware software partitioning approach for components or segments of the integrated DL model which achieves a tradeoff between latency and accuracy in object classification and localization.