This disclosure relates to method and system for analyzing IoT data in real-time and predicting future events. In one embodiment, the method may include acquiring the real-time IoT data corresponding to one or more IoT devices, and building a predictive model based on the real-time IoT data. The predictive model may include a machine learning algorithm that generates an output parameter representing a future event based on a set of input parameters derived from the real-time IoT data. The predictive model may be built by training the predictive model for one or more explanatory input parameters and an expected output parameter. The method may further include predicting the future event based on the real-time IoT data using the predictive model, determining a deviation between the future event and an actual event, and tuning the predictive model based on the deviation.