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Today, small- and medium-sized enterprises (SMEs) play an important role in the economy of societies. Although environmental factors, such as COVID-19, as well as non-environmental factors, such as equipment failure, make these industries more vulnerable, they can be minimized by better understanding the concerns and threats these industries face. Only a few SMEs have the capacity to implement the innovative manufacturing technologies of Industry 4.0. The system must be highly adaptable to any equipment, have low costs, avoid the need of doing complex integrations and setups, and have future reliability due to the rapid growth of technology. The goal of this study was to provide an overview of past articles (2010–2020), highlighting the major expectations, requirements, and challenges for SMEs regarding the implementation of predictive maintenance (PdM). The proposed solutions to meet these expectations, requirements, and challenges are discussed. In general, in this study, we attempted to overcome the challenges and limitations of using smart manufacturing—PdM, in particular—in small- and medium-sized enterprises by summarizing the solutions offered in different industries and with various conditions. Moreover, this literature review enables managers and stakeholders of organizations to find solutions from previous studies for a specific category, with consideration for their expectations and needs. This can be significantly helpful for small- and medium-sized organizations to save time due to time-consuming maintenance processes.

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