Event prediction system and method includes gathering data corresponding to multiple entities to derive multiple entity profiles. Next, a first subset of entity profiles is identified from the multiple entity profiles generated. The identification is done on the basis of characteristics associated with the entities. Subsequent to identification of the first subset of the entity profiles, a second subset of entity profiles is shortlisted. Here, the second subset of entity profiles shows highest probability of occurrence of the event. Further, a determination of a factor that may lead to occurrence of the event is done.