Equipment downtime resulting from maintenance in various sectors around the globe has become a major concern. The effectiveness of conventional reactive maintenance methods in addressing interruptions and enhancing operational efficiency has become inadequate. Therefore, acknowledging the constraints associated with reactive maintenance and the growing need for proactive approaches to proactively detect possible breakdowns is necessary. The need for optimisation of asset management and reduction of costly downtime emerges from the demand for industries. The work highlights the use of Internet of Things (IoT)-enabled Predictive Maintenance (PdM) as a revolutionary strategy across many sectors. This article presents a picture of a future in which the use of IoT technology and sophisticated analytics will enable the prediction and proactive mitigation of probable equipment failures. This literature study has great importance as it thoroughly explores the complex steps and techniques necessary for the development and implementation of efficient PdM solutions. The study offers useful insights into the optimisation of maintenance methods and the enhancement of operational efficiency by analysing current information and approaches. The article outlines essential stages in the application of PdM, encompassing underlying design factors, data preparation, feature selection, and decision modelling. Additionally, the study discusses a range of ML models and methodologies for monitoring conditions. In order to enhance maintenance plans, it is necessary to prioritise ongoing study and improvement in the field of PdM. The potential for boosting PdM skills and guaranteeing the competitiveness of companies in the global economy is significant through the incorporation of IoT, Artificial Intelligence (AI), and advanced analytics.