1. A method for real-time classification of a continuous data stream by a data stream processing server comprising a processor and implementing a classification module, the method comprising: receiving a continuous data stream by the data stream processing server; clustering, incrementally, a set of data records in each contiguous segment of the received data stream into a plurality of micro-clusters, wherein the plurality of micro-clusters is stored as a snapshot in time, the snapshot updating with time and indicating a dominant micro-cluster in the data stream; generating a target profile for each segment of the received data stream based on the snapshot of micro-clusters associated with each segment, wherein generating the target profile comprises generating a histogram profile for a given segment using summary information of data records associated with the micro-clusters for the given segment, wherein the histogram profile is generated based on relative frequencies of data points associated with each micro-cluster for the given segment as compared to a total number of data points in the micro-clusters for the given segment; and classifying, by the classification module, each segment of the received data stream using the target profile associated with each segment.