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Recent developments in networked and smart sensors have significantly changed the way Structural Health Monitoring (SHM) and asset management are being carried out. Since the sensor networks continuously provide real-time data from the structure being monitored, they constitute a more realistic image of the actual status of the structure where the maintenance or repair work can be scheduled based on real requirements. This review is aimed at providing a wealth of knowledge from the working principles of sensors commonly used in SHM, to artificial-intelligence-based digital twin systems used in SHM and proposes a new asset management framework. The way this paper is structured suits researchers and practicing experts both in the fields of sensors as well as in asset management equally.