Is there any module/option available that allows users to create a profile/space among the site?

Yes, you can extend the default Drupal user profile in a few ways. Go to Configuration -> People -> Account settings.

On the first tab, you set rules for how you want to manage accounts. You can also enable Personalization options including signatures and user pictures.

On the Manage Fields tab, you can add fields to user profiles. For example, you can add a "name" field if you'd rather show a "real" name instead of the login name. The Manage Display tab lets you control how fields are shown on a user profile page.

To view your own profile, click your name in the upper right of the administration menu.

Another approach to displaying user information would be to create a custom content type, set permissions according to your needs, and build a View to show a listing of that content.