We demonstrate that the transition from a superfluid to a Mott insulator in the Bose-Hubbard model can be induced by an oscillating force through an effective renormalization of the tunneling matrix element. The mechanism involves adiabatic following of Floquet states, and can be tested experimentally with Bose-Einstein condensates in periodically driven optical lattices. Its extension from small to very large systems yields nontrivial information on the condensate dynamics.