Levenshtein Distance (LD) is a measure to quantify how different two stings by counting the number of character edits that turns one string into another.
For example, distance between "cats" and "rats" is 1, since you need to replace the "c" with the "r"; distance between "house" and "host" is 2 (remove "u" and replace "e" with "t".
Applications of LD are in spelling correction (find the closest word from the vocabulary) and in all applications that benefit from soft matching of words, e.g. information retrieval, machine translation etc.
If possible can you please suggest me some real time application area where Levenshtein Distance can be used and the complexity of this distance measure
It's more useful in areas such as string matching, RNA/DNA sequencing, Remote location update (Generally group of objects/position). Also can we use in Speech/face recognition (As I think so).
Levenshtein Distance can be used to classify an object among the classes of objects if you extract the features of the objects to be recognized as a set of strings.
Levenshtein Distance can also be used for "auto suggestions of words" and "spell checking". like while typing word, checking the spelling or suggesting correct word based on their distance or checking the spellings in the documents.