Finally, issue is resolved on my own. Just posting this comment might be helpful to someone who faces the similar issue.
In the Windows Server 2019, .net framework 4.7 is the default. .Net Framework 4.6 and above have the CASPOL enabled which is blocking to run the libraries from the SSRS reports server. In the SSRS Report Server update the web.config file with <trust level="Full" /> which will resolve the issue.