The currently applied maintenance strategies, including Reactive and Preventive maintenance can be considered obsolete. The constant improvements in Information and Communication Technologies as well as in Digital Technologies along with the increase of computational power, have facilitated the development of new Artificial Intelligence algorithms to integrate cognition in computational systems. This trend is posing a great challenge for engineers, as such developments will enable the creation of robust systems that can monitor the current status of the machines and by extension to predict unforeseeable situations. Furthermore, Smart Computers will be capable of examining all possible scenarios and suggest viable solutions in a fraction of time compared to humans. Therefore, in this paper, the modelling, design and development of a Predictive Maintenance and Remote Monitoring system are proposed, based on the utilization of Artificial Intelligence algorithms for data acquisition, fusion, and post-processing. In addition to that, the proposed framework will integrate a Mixed Reality application for the intuitive visualization of the data, that will ultimately facilitate production and maintenance engineers to monitor the condition of the machines, and most importantly to get an accurate prediction of the oncoming failures.