Unwanted and harmful floating debris creates aesthetic, economic, social, and ecological harm. The optical satellites provide frequent global coverage across multiple spectral bands. Utilizing this abundant multi-banded optical satellite data for floating debris monitoring, many artificial intelligence-based approaches were proposed. These approaches face various challenges due to the multidimensional nature of the earth observation data visualized on a reduced scale. This work identifies various stages of AI deployment for floating debris identification, classification, segmentation, density estimation, and/or temporal study. The challenges during each stage along with some potential solutions applied in this field or elsewhere have been identified. Since AI approaches are data-driven, the limitation of labeled data with real-time diversity of shape, color, texture, size, and composition of floating debris placed against different backgrounds is most acute. The work proposes the utilization of some recent AI-based systems, like continuous learning, transfer learning, attention-based transformers, explainable AI, etc., to resolve these identified challenges. The work calls for further research into the application of pre-trained models, semi-supervised learning, and multi-modal data fusion for overcoming the labeled data deficiency. Additionally, harmful debris density estimation and factors leading to a change in the estimated density need further research.