Industrial Internet of Things (IIoT) finds many application fields today in the industry by connecting assets to each other, gathering data, and transferring it to other internet-enabled systems. One area that is transformed significantly with IIoT technologies is predictive maintenance, which is a technique to predict when an asset might fail by analyzing the parameters related to the asset’s health status. Compared with conventional preventive maintenance, predictive maintenance offers minimized unplanned downtimes and reduced maintenance costs for critical assets, such as gearboxes, pumps, fans, and electrical motors.